January 20, 2018
Tuesday, July 29, 2014

Wall Street ends down; Twitter rallies after hours

US stocks fell today, dropping in a broad selloff as a weak outlook from courier company UPS weighed on sentiment and pressured transportation stocks.

Although a rally in telecom stocks helped to limit the broader market's decline, the S&P 500 ended below its 14-day moving average for a second straight day. Nine of the 10 primary S&P 500 sectors fell on the day.

United Parcel Service shares fell 3.7 percent to $98.86 after the world's biggest courier company slashed its earnings forecast for the year due to spending to boost capacity. It also reported second-quarter earnings that were below expectations.

After the market closed, Twitter Inc jumped 14.5 percent to $44.20 in extended trading after the social networking company reported second-quarter results, which included revenue that more than doubled. The shares had closed up 1.7 percent in regular NYSE trade ahead of the results.

The Dow Jones industrial average fell 70.16 points, or 0.41 percent, to 16,912.43, the S&P 500 lost 8.93 points, or 0.45 percent, to 1,969.98, and the Nasdaq Composite dropped 2.21 points, or 0.05 percent, to 4,442.70.

The Nasdaq's decline was tempered by biotechnology shares, with the Nasdaq Biotech index up 1.1 percent.

US consumer confidence jumped in July to a high not seen since October 2007, but single-family home prices fell 0.3 percent in May on a seasonally adjusted basis, falling short of expectations.

About 57 percent of stocks traded on the New York Stock Exchange closed lower on the day while about 47 percent of Nasdaq-listed shares ended in negative territory. About 5.59 billion shares traded on all U.S. platforms, according to BATS exchange data, compared with the month-to-date average of 5.54 billion.

European equities climbed today, with strong earnings reports from companies such as engineer GKN and retailer Next outpacing the threat to the region's economy from further sanctions against Russia.

GKN surged 6.7 percent after its car parts supply division boosted first-half profits, while clothing retailer Next gained 2.6 percent after raising its guidance for annual sales and profit. Telecom firm Orange was up 1.8 percent after results.

The FTSEurofirst 300 index of top European shares closed 0.3 percent higher at 1,373.40 points.

Oil major BP fell 2.5 percent despite posting a 34 percent increase in its profit. BP said more sanctions "could have a material adverse impact" on its joint venture in Russia.

Portugal's troubled bank Banco Espirito Santo fell 10.6 percent. A Luxembourg court accepted requests for creditor protection filed by Espirito Santo Financial Group, which is the largest shareholder in Banco Espirito Santo.

Carmaker Renault dropped 4.6 percent as its sales and cash flow suffered ahead of the replacement of key models, while Deutsche Bank was up just 0.1 percent after reporting a 16 percent rise in quarterly pre-tax income.

The spectre of costly litigation and settlements cast a shadow over Deutsche Bank's results, with the bank topping up reserves for future litigation by 22 percent to 2.2 billion euros.

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia