Log in
E-mail
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
Latest news
Date Title
12:08p BANKGUAM HOLDING CO : Change in Directors or Principal Officers, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Other Events, Financial Statements and Exhibits (form 8-K)
12:08p ONCBIOMUNE PHARMACEUTICALS, INC : Financial Statements and Exhibits (form 8-K)
12:07p SYNTHETIC BIOLOGICS, INC. : Change in Directors or Principal Officers, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits (form 8-K)
12:07p PROTEOSTASIS THERAPEUTICS, INC. : Other Events, Financial Statements and Exhibits (form 8-K)
12:07p LIBERTY INTERACTIVE CORP : Submission of Matters to a Vote of Security Holders, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
12:07p CHIA SHOU : CHINA SHOUGUAN MINING CORP - 10-K/A - Management's Discussion and Analysis of Financial Condition and Results of Operations.
12:07p KINDER MORGAN, INC. : Regulation FD Disclosure (form 8-K)
12:07p PINGTAN MARINE ENTERPRISE LTD. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
12:07p AIRBORNE WIRELESS NETWORK : Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
12:07p SEARS HOMETOWN & OUTLET STORES, INC. : Other Events (form 8-K)
Latest news
Advertisement
Hot News 
6.04%RESTAURANT : to sell or shut 33 sites
-4.07%GfK majority owner denies considering stake sale
0.62%GROWTHPOINT (ASX : GOZ) talks FY16 results and outlook
2.20%VOLKSWAGEN : to spend at least $1.2 billion to compensate U.S. dealers - sources
-0.64%Stocks Steady Ahead of Yellen Speech at Jackson Hole
Most Read News
05:50a Lotte vice chairman found dead amid probe; suicide suspected
08/25 VOLKSWAGEN : to spend at least $1.2 billion to compensate U.S. dealers - sources
08/25 APPLE : fixes security flaw after UAE dissident's iPhone targeted
05:35a GfK majority owner denies considering stake sale
08/25 GENERAL MOTORS : GM cleared in second U.S. verdict over crash blamed on ignition switch
Most recommended articles
06:01aDJOZ MANAGEMENT LP OZ MANAGEMENT LP : Form 8.3 - J -2-
05:56a Foreign seed firms form alliance to protest India regulation
05:55aDJIHS MARKIT : Lending to Firms Picked Up in July, ECB Says
05:53a WALT DISNEY : Wanda to invest $9.5 billion in China tourism park
05:50a Lotte vice chairman found dead amid probe; suicide suspected