December 13, 2017
Monday, December 1, 2014

Wall Street falls on weak global data; Apple stumbles

US stocks fell in a broad decline today, with the S&P 500 suffering its biggest one-day drop in more than a month, as economic data indicated weakness across the globe and the holiday shopping season got off to a tepid start.

The day's losses were broad, with eight of the ten primary S&P 500 sectors lower on the day. Industrials were the day's biggest decliners, pressured by manufacturing data that still pointed to sluggish demand.

Apple Inc was one of the biggest weights on the session, falling 3.2 percent to $115.07 in its biggest one-day decline since September. It tumbled shortly after the open in its largest one-minute volume in more than a month in what some traders deemed a "mini-flash crash."

The Dow Jones industrial average fell 51.44 points, or 0.29 percent, to 17,776.9, the S&P 500 lost 14.12 points, or 0.68 percent, to 2,053.44 and the Nasdaq Composite dropped 64.28 points, or 1.34 percent, to 4,727.35.

Across the Atlantic, European shares also fell, led lower by oil and mining stocks, as weak Chinese and euro zone economic data fuelled a rout in the commodities market.

Shares in Vodafone were the biggest losers among the region's blue-chips, down 2.9 percent on talk it could bid for cable operator Liberty Global.

The FTSEurofirst 300 index of top European shares ended 0.5 percent lower at 1,385.27 points.

Last week's sell-off in oil majors and oil services firms resumed as Brent crude oil tumbled to a five-year low below $68 a barrel, before bouncing back.

Royal Dutch Shell shed 0.5 percent, Fugro fell 3 percent and ENI lost 2.5 percent.

Meanwhile, Nikkei and Japanese government bond futures dipped today after Moody's downgraded Japan's sovereign credit rating.

In after hours trading, December 10-year JGB futures was down 0.06 point at 146.87 and the Nikkei futures shed 0.7 percent.

Moody's downgraded Japan on Friday to A1 from Aa3, with the outlook at stable.

The rating agency said "heightened uncertainty over the achievability of fiscal deficit reduction goals" was the key driver for the downgrade.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  

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