December 15, 2017
Tuesday, March 24, 2015

Wall Street down for 2nd straight day; energy weak

US stocks fell for a second straight session today, with equities maintaining a tight range that corresponded with currency fluctuations as traders focused on the dollar's strength and its possible effect on corporate earnings.

Data from home sales to inflation and manufacturing indicated the US economy remains strong, but failed to alter expectations of a faster or steeper monetary policy tightening path at the Federal Reserve.

Traders have honed in on how the Fed will react to economic data, as a June interest rate increase remains a possibility. Stocks have been inversely correlated to the US dollar and several multinational companies have given earnings forecasts that cited a negative impact from a strong greenback.

The S&P energy index lost 0.8 percent as Brent crude settled down 1.5 percent at $55.11 a barrel after the dollar gained ground against the euro. The dollar index zigzagged between gains and losses against a basket of major currencies and was up 0.14 percent on the day.

The Dow Jones industrial average fell 104.9 points, or 0.58 percent, to 18,011.14, the S&P 500 lost 12.92 points, or 0.61 percent, to 2,091.5 and the Nasdaq Composite dropped 16.25 points, or 0.32 percent, to 4,994.73.

Declines on the Nasdaq were tempered by a boost from Google , up 2.2 percent to $577.54. Morgan Stanley's chief financial officer is leaving the bank to join Google.

European shares climbed higher to end just below a recent 7-1/2-year high, with forecast-beating business surveys from Germany and France offsetting poor Chinese factory data.

Equities recovered from early falls as purchasing managers' surveys showed Germany's private sector grew in March at its strongest rate since July and France's private sector expanded for the second straight month.

Germany's DAX rose 0.9 percent, outperforming the FTSEurofirst 300 index of top European shares that closed 0.3 percent higher at 1,604.36 points after falling to 1,592.51 earlier on the back of poor Chinese factory sector data. The FTSEurofirst hit its highest since mid-2007 on Friday.

Resource-related shares fell, with the European sector index down 1.2 percent. Rio Tinto and Anglo American slid 2 percent and 1.8 percent respectively after data showed activity in China's factory sector dipped to an 11-month low in March.

European stocks have rallied since the start of the year, with Germany's DAX up about 20 percent and on track to record its best quarter since late 2003, as global investors bet that a weaker euro would boost the region's economy and corporate earnings.

Meanwhile, Japan's Nikkei share average fell today as a weak factory activity survey in China and a drop in US markets weighed on investor confidence, but losses were limited by expectations of better returns for holders of Japanese shares.

The Nikkei ended 0.2 percent lower at 19,713.45 points in choppy trade. It is still close to a 15-year high of 19,778.60 hit on Monday. The broader Topix dropped 0.3 percent to 1,587.59 and the JPX-Nikkei Index 400 fell 0.3 percent to 14,424.41.

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Tags:  US  stock market  Europe  Nikkei  

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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