December 13, 2017
Tuesday, October 14, 2014

S&P 500, Nasdaq break 3-day slide but Dow dips

The S&P 500 and Nasdaq ended up slightly today, breaking a three-day string of declines that marked their worst losses since 2011, while the Dow finished lower for a fourth session on lingering worries about global demand.

While the S&P closed in positive territory, it was well off its session highs of more than 1 percent and did little to put investors at ease about the market's recent selloff.

The benchmark index has lost 6.6 percent since its Sept. 18 record closing high and is now up just 1.6 percent for the year, while the Dow is down 1.6 percent since Dec. 31.

The selloff has been driven by a host of negative influences including the potential spread of Ebola, the effect of global economic weakness on US earnings and plunging oil prices.

The S&P energy index fell with oil prices, dragging down equities late in the session. The index is now down 20.1 percent from its June high, putting it in bear market territory.

The Dow Jones industrial average fell 5.88 points, or 0.04 percent, to 16,315.19, the S&P 500 gained 2.96 points, or 0.16 percent, to 1,877.7 and the Nasdaq Composite added 13.52 points, or 0.32 percent, to 4,227.17.

Citigroup, up 3.1 percent at $51.47, was among the top boosts to the benchmark S&P index after the bank posted better-than-expected quarterly results and said it would pull out of consumer banking in 11 markets.

Europe's benchmark share index recovered after hitting an eight-month low earlier in the day on global growth concerns, with Citigroup results and a rally in US stocks cheering some investors.

Citigroup reported a better-than-expected 13 percent rise in adjusted third-quarter net profit and said it was returning to an earlier structure of concentrating on business clients by pruning its consumer businesses worldwide.

The pan-European FTSEurofirst 300 index ended flat at 1,293.47 points after earlier falling more than 1 percent to 1,274.87, the lowest since February.

The index has lost about 9 percent since mid-September as equity markets worldwide worry about the outlook for global growth and the timing of a first US interest rate hike after years when central banks have pumped out cheap money.

In Germany, think tank ZEW's monthly survey of economic sentiment tumbled for a 10th straight month to -3.6, the weakest since November 2012, suggesting Europe's largest economy was reeling from crises abroad and a weak euro zone.

Cyclical sectors were under pressure, with the STOXX Europe 600 Banking index still down 0.3 percent, after falling sharply earlier in the day, as investors awaited results this week from major US financial companies such as Bank of America , Goldman Sachs and Morgan Stanley.

Luxury stocks were also vulnerable, with Burberry among the biggest losers in Europe, down 3.7 percent, after warning that market conditions were becoming more difficult. The warning hurt other luxury goods firms, with Louis Vuitton owner LVMH down 0.4 percent.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  

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