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Monday, October 6, 2014

Wall Street dips in choppy trading; GT tanks

US stocks edged lower in choppy trading today, with a slide in Micron shares and GT Advanced Technologies' bankruptcy more than offsetting gains in Hewlett-Packard.

The Dow Jones industrial average fell 17.72 points, or 0.1 percent, to 16,991.97, the S&P 500 lost 3.06 points, or 0.16 percent, to 1,964.84 and the Nasdaq Composite dropped 20.82 points, or 0.47 percent, to 4,454.80.

European shares ended slightly higher after surging in the previous session on further signs that the US economy is gathering momentum, with miners gaining the most driven by stronger industrial metals prices.

The STOXX Europe 600 Basic Resources index rose 1.5 percent as prices of copper, aluminium and zinc climbed 0.7 to 2.0 percent in expectations of stronger demand for raw materials in countries such as the United States.

Miners Rio Tinto, BHP Billiton, Fresnillo and Antofagasta rose 1.6 to 3.8 percent.

Rio Tinto's American Depository Receipts were 7.4 percent higher after the European market close on a Bloomberg report, quoting people familiar with the situation, saying Glencore was laying the groundwork for a potential merger with Rio Tinto Group in 2015.

The pan-European FTSEurofirst 300 index finished 0.2 percent higher at 1,350.16 points, having risen 0.9 percent on Friday's data showing that US employers ramped up hiring in September and that the jobless rate fell to a six-year low.

Meanwhile, Japan's Nikkei share average rose today after a stronger-than-expected September US jobs report bolstered sentiment, while a weaker yen lifted exporters such as Toyota Motor Corp and Honda Motor Co.

The Nikkei share average ended 1.2 higher at 15,890.95.

The broader Topix advanced 1.1 percent to 1,296.40, and the JPX-Nikkei Index 400 added 1.0 percent to 11,777.45.

Outperforming the market was Fujifilm Holdings Corp , which jumped 2.8 percent on hopes that its influenza drug may cure Ebola.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  





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