Monday, April 11, 2011

Markets fall on earnings caution, energy selloff

Stocks mostly fell on as energy shares sold off on lower oil prices and the onset of earnings season was clouded by concern company outlooks may fall short of expectations.

The Dow Jones industrial average rose 1.06 points, or 0.01 percent, at 12,381.11. The Standard & Poor's 500 Index fell 3.71 points, or 0.28 percent, at 1,324.46. The Nasdaq Composite Index lost 8.91 points, or 0.32 percent, at 2,771.

European shares fell slightly, with Hochtief leading the construction sector lower after a profit warning, though strategists were confident the market's recent rally would resume.

The pan-European FTSEurofirst 300 .FTEU3 index fell 0.2 percent to close at 1,146.35 points, still above its 50-day moving average after hitting a five-week closing high on Friday. Volume was 81.7 percent of the 90-day average.

Japan's Nikkei average slipped after Citigroup slashed ratings on major automakers to "sell" and was set to trade in a tight range before earnings announcements at the end of the month reveal the full impact of the earthquake that hit the country on March 11.

The benchmark index closed down 0.5 percent or 48.38 points at 9,719.70, while the broader Topix shed 0.1 percent to 852.34.