Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

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
0
02/21/2013 | 04:28pm CEST

--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
0
React to this article
Latest news
Date Title
03:42a KPJ HEALTHCARE BHD : Changes In Sub. S-hldr's Int. (29B) - Employees Provident Fund Board
03:42a XSTATE RESOURCES : ASX Release - Corporate Update
03:42a XSTATE RESOURCES : ASX Release - Board Restructure
03:42a GRAND FLO SOLUTION BHD : Notice of Shares Buy Back - Immediate Announcement
03:42a GRAND FLO SOLUTION BHD : Others - Proposed Extension of Profit Guarantee Period to Include Financial Period Commencing 1 January 2016 abd Ending 31 December 2016
03:42a GRAND FLO SOLUTION BHD : Notice of Shares Buy Back - Immediate Announcement
03:37a TOP END MINERALS : Anyvision announces collaboration with one of the world's largest diamond exchange facilities – 06/01/2016
03:37a MITSUI MATSUSHIMA : Notice of Calling of the 160th Ordinary General Meeting of Shareholders
03:37a XSTATE RESOURCES : ASX Release - Results of Annual General Meeting 31 May 2016
03:37a POWER ASSETS : Monthly Return on Movements in Securities for the month ended 31 May 2016
Latest news
Advertisement
Hot News 
MATICA TECHNOLOGIES : launches S3200 printer for financial flat card issuance
EQS-ADHOC : shaPE Capital AG: Final sale of fund interests, termination of trading on OTC-X
HARBOURVEST HVGPE : HVPE Announces Audited Results for Year Ended 31 January 2016
MINCO : Swings To First-Quarter Loss On Foreign Exchange Loss
ELECTRO RENT : and Platinum Equity Sign Definitive Merger Agreement
Most Read News
07:52p UN UNITED NATIONS : Non-Governmental Organizations Committee Recommends 12 Groups for Consultative Status, Postpones Action on 33
09:10p Top Alibaba shareholder Softbank plans to sell $7.9 billion in stock
Most recommended articles
09:24pDJChina Official Nonmanufacturing PMI 53.1 in May Vs 53.5 in Apr
09:20p Nippon steel denies reports it plans to break up Usiminas
09:10p Top Alibaba shareholder Softbank plans to sell $7.9 billion in stock
09:07pDJSANDS CHINA : Reaches Confidential Settlement in Lawsuit Filed by Steven C. Jacobs
09:06pDJMICROSOFT : China's Xiaomi to Buy Patents From Microsoft