December 15, 2017
Tuesday, September 30, 2014

Wall Street ends down for day, month; indexes gain in qtr

US stocks slipped today, dragged down by energy and materials shares as economic data disappointed.

Major indexes also posted losses for the month, but ended the quarter with gains.

The S&P energy index was down 1.2 percent today following a more than 3 percent drop in US oil prices. The S&P materials index also fell 1.2 percent. Shares of Chevron, down 1 percent at $119.32, were the biggest drag on the S&P 500.

EBay, up 7.5 percent at $56.63, was the S&P 500's biggest percentage gainer for the day, helping to limit losses. The company announced a plan to spin off its PayPal unit.

US consumer confidence fell in September for the first time in five months and home prices in July rose less than expected from a year earlier, underscoring the unsteady nature of US growth.

The Dow Jones industrial average fell 28.32 points, or 0.17 percent, to 17,042.9, the S&P 500 lost 5.51 points, or 0.28 percent, to 1,972.29 and the Nasdaq Composite dropped 12.46 points, or 0.28 percent, to 4,493.39.

For the month, the Dow was down 0.3 percent, the S&P 500 was down 1.5 percent and the Nasdaq was down 1.9 percent. For the quarter, the Dow rose 1.3 percent, the S&P 500 gained 0.6 percent, and the Nasdaq climbed 1.9 percent.

Among the most active stocks on the NYSE were Ford Motor , down 2.12 percent to $14.79, a day after its disappointing profit forecast.

Besides eBay and Apple, the most actively traded stocks on Nasdaq included Move Inc, up 37.1 percent at $20.96.

Declining issues outnumbered advancers on the NYSE by 1,942 to 1,133, for a 1.71-to-1 ratio on the downside; on the Nasdaq, 1,864 issues fell and 824 advanced for a 2.26-to-1 ratio favoring decliners.

The benchmark S&P 500 index posted 15 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 42 new highs and 138 new lows.

About 7.2 billion shares changed hands on US exchanges, above the 6.1 billion average for the last five sessions, according to data from BATS Global Markets.

European shares rose as a batch of weak inflation data increased the chances the European Central Bank will introduce new stimulus measures to boost the region's flagging economy.

Euro zone inflation slowed to 0.3 percent in September, in line with market forecasts, because of falling prices of unprocessed food and energy, according to a first estimate by the European Union's statistics office.

Inflation in the euro zone remains below the ECB target of close to but under 2 percent as the regional economy stagnates. That makes it more likely the central bank will introduce full-blown quantitative easing (QE) and buy government bonds to stimulate the economy.

The pan-European FTSEurofirst 300 index closed up by 0.7 percent at 1,380.00 points while the euro zone's blue-chip Euro STOXX 50 index advanced 1.2 percent to 3,225.93 points.

However, European automobile stocks missed out on the broader market rally and fell after US car manufacturer Ford slashed its profit forecast for this year.

The STOXX Europe 600 Automobiles & Parts Index fell 0.6 percent, with French car company Renault declining 2.7 percent while Italian rival Fiat retreated 3.4 percent.

The Paris auto show takes place this week and while US and Japanese car sales are back at pre-crisis levels, Europe is still 20 percent below its 2007 peak.

Some traders remained cautious on the broader market trend, pointing to tensions between China and Hong Kong, where tens of thousands of pro-democracy demonstrators extended a blockade of Hong Kong streets.

Meanwhile, Japanese stocks fell to a one-week low as a one-two punch of weak economic data and a profit warning from Sumitomo Corp knocked out sentiment - but for the month the Nikkei posted its biggest gain since last November.

The Nikkei share average fell 0.8 percent to 16,173.52, the lowest closing level since September 24.

For the month, the benchmark rose 4.9 percent helped by the weakening yen and building momentum in the US economy.

It was the biggest monthly rise since last November. Sumitomo Corp nosedived 12 percent after it slashed its annual profit forecast by 96 percent due to losses on a US shale project and sharp declines in iron ore and coal prices.

Sumitomo's woes weighed on other trading houses and steelmakers.

The broader Topix fell 0.8 percent to 1,326.29, and the JPX-Nikkei Index 400 slid 0.9 percent to 12,055.67, with pro-democracy protests in Hong Kong also denting risk appetite.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  

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