December 5, 2013
Wall Street little changed after large weekly loss
US stocks were little changed today, following the Dow industrials' largest weekly drop in more than a year, as traders positioned for an expected move by the Federal Reserve to scale back its economic stimulus.
The Dow Jones industrial average fell 71.11 points or 0.47 percent, to 15,010.36, the S&P 500 lost 9.77 points or 0.59 percent, to 1,646.06 and the Nasdaq Composite dropped 13.692 points or 0.38 percent, to 3,589.086.
A sharp decline in Italian equities, especially banking shares, on political uncertainty in the country dragged down the broader European stock market today, which also faced pressure from weaker miners.
Italy's FTSE MIB index fell 1.7 percent on profit taking following an 18 percent surge in two months and after a warning from Prime Minister Enrico Letta yesterday that the collapse of his government would undermine economic recovery.
Italian banks were the biggest drag on the STOXX Europe 600 banking index, which fell 1.3 percent to top the sectoral fallers' list. Unicredit was down 3.9 percent, Banco Popolare dropped 3.6 percent, while Intesa Sanpaolo fell 3.3 percent,
Weaker Italian stocks put pressure on the wider market, with the FTSEurofirst 300 index down 0.4 percent at 1,226.92 points at 1054 GMT. The index, which climbed to a 2-1/2-month peak on Wednesday, is still up about 8 percent this year.