Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Stocks Extend Losses as Philly Fed Report Disappoints

share with twitter share with LinkedIn share with facebook
share via e-mail
02/21/2013 | 04:28pm CET

--Stocks extend early losses as Philly Fed index posts surprise decline

--Nine of 10 S&P 500 sectors in negative territory

--DJIA loses 66; S&P down 10

   By Alexandra Scaggs 

NEW YORK--Stocks extended their early declines to session lows following a disappointing report on Philadelphia-area business activity, as euro-zone economic weakness and the threat of an end to Federal Reserve stimulus jarred investors.

The Dow Jones Industrial Average fell 66 points, or 0.5%, to 13861, extending Wednesday's declines. The Standard & Poor's 500-stock index gave up 10 points, or 0.7%, to 1502, as nine of 10 sectors traded in the red, and the Nasdaq Composite Index lost 24 points, or 0.8%, to 3140.

On Wednesday, blue chips posted their second-biggest drop of the year as investors were jarred by the potential for an earlier-than-expected end to the Fed's experimental bond-buying programs.

"The market was looking for an excuse to go down and the Fed provided it," said Paul Zemsky, chief investment officer of multiasset strategies at ING U.S. Investment Management, which oversees about $170 billion.

In economic news:

The Philadelphia Federal Reserve's February index of business activity posted a surprise decline to -12.5 from January's -5.8.

Initial claims for jobless benefits rose to 362,000 in the latest week, more than the 350,000 expected.

The consumer price index for January was unchanged on the month; excluding volatile food and energy costs, it rose 0.3%.

Existing-home sales for January showed a slight increase to a seasonally adjusted annualized rate of 4.92 million, mostly in line with expectations.

The Conference Board's Leading Economic Index for January gained 0.2%, just below expectations of a 0.3% rise.

Write to Alexandra Scaggs at alexandra.scaggs@dowjones.com.

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news
Date Title
01:38p POLSKI KONCERN NAFTOWY ORLEN : PKN ORLEN’s subsidiary – ORLEN Upstream – has purchased bonds issued by PKN ORLEN
01:38p FORTUNET E COMMERCE : Announcements and Notices - Inside Information - Anticipation of Decrease in Loss
01:37p MONROE CAPITAL : Provides $125 Million Credit Facility to Healthcare Services Company
01:37p TRAVELCENTERS OF AMERICA LLC : TA Restaurant Group Expands Food and Beverage Offering in Wheeler Ridge, California
01:37p SHILOH INDUSTRIES : Combine Solicitation - Torsan Bars for the AN/SPN-41B Radar Transmitting Set
01:37p MEDTRONIC : Combine Solicitation - 65-- 583-17-2-096-1086 KYPHOPLASTY TRAYS
01:37p JUSTIFICATION AND APPROVAL - 65-- RELENZA NDC : 00173-0681-22
01:37p MEDCOMTECH : Amendment to Combined Synopsis/Solicitation - Hem/Oncology Physician
01:37p MEDCOMTECH : Sources Sought Notice - Comprehensive Service Agreement for Shimadzu Radspeed Systems
01:37p MEDCOMTECH : Justification and Approval - anterior cervical discectomy
Latest news
Hot News 
-5.14%Property website Rightmove generates fewer client leads in 2016
-3.65%VIVENDI : Shares Hit Hard by Fall in Profit -- 2nd Update
-2.74%JUPITER FUND MANAGEMENT : full-year profits hit by rising costs
-3.04%BASF : Profit Boosted by Chemicals Business
5.57%PEARSON : to cut costs further, sell assets after $3.3 billion loss
Most Read News
02:58a SAMSUNG ELECTRONICS : tightens donation rules; report says two group executives offer to quit
02/23 Exclusive - Trump says Republican border tax could boost U.S. jobs
02/23 Safran rejects TCI Fund Management's criticism of Zodiac Aero bid
12:06a TOSHIBA : says it is considering sale of majority stake in chip unit
03:35a ROYAL BANK OF SCOTLAND : RBS posts ninth straight annual loss on 'sins of the past'
Most recommended articles
02/23DJVIVENDI : Full-Year Earnings Beat Estimates
07:36a GENERAL MOTORS : Peugeot boss offers UK union reassuring words on Vauxhall plants
07:32aDJMARKET SNAPSHOT : Dow Poised To Snap Record-setting Streak, As Stock Futures Slump
07:31a MacDonald Dettwiler to buy DigitalGlobe for about C$3.1 billion
07:21a J C PENNEY : to shut 130-140 stores; quarterly sales drop