March 7, 2014
Dow, S&P fall for 3rd straight day; retail weighs
The Dow and the S&P 500 fell for a third straight day, dropping from record levels in a broad decline as investors took profits amid signs of a weak holiday shopping season.
Retail and consumer discretionary stocks were among the weakest of the day. Amazon.com Inc slipped 2 percent to $384.66 and was one of the biggest drags on the S&P 500. The S&P retail index shed 0.8 percent after the holiday shopping season got off to a tepid start.
The Dow Jones industrial average fell 94.15 points, or 0.59 percent, to end at 15,914.62. The Standard & Poor's 500 Index declined 5.75 points, or 0.32 percent, to finish at 1,795.15. The Nasdaq Composite Index dropped 8.06 points, or 0.20 percent, to close at 4,037.20.
European stocks edged down to one-week lows led by miners, after strong US data heightened concern the Federal Reserve will scale back stimulus sooner rather than later.
Miners such as Antofagasta, down 2.8 percent, declined as copper prices fell, following a report on Monday that US factory activity reached a 2 1/2-year high last month.
More production by factories generally means more demand for metals. Now, though, it might mean the Fed will reduce its bond purchases as soon as December or January, which in turn could stunt the economic recovery.
The FTSEurofirst 300 slipped 0.2 percent at 1,298.69 points testing support around the 10-day moving average, which had acted as a floor the previous session. The EuroSTOXX 50 index of euro zone blue chips also fell 0.2 percent, to 3,070.84 points, touching one-week lows.
Meanwhile, Japan's Nikkei share average rose to its highest close in six years as a slide in the yen on the back of speculation of further monetary easing from the Bank of Japan triggered buying in a wide range of large cap stocks. The Nikkei ended 0.6 percent higher at 15,749.66, its highest close since Dec. 12, 2007.
The broader Topix index gained 0.3 percent to 1,262.54, with 2.69 billion shares changing hands, hitting a more than one-week high.