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

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

02/21/2013 | 10:28am US/Eastern

--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.

React to this article
Latest news
Date Title
08:34a TAINAN ENTERPRISES : Dengue ends Tainan boycott feud
08:24a STANTEC : Input sought on draft of Dayton Mall area plan
08:23a CBRE : Finding a cafe for new downtown Austin library
08:21a PM&E : Miley Cyrus hosts VMAs this week
08:20a LOWE : Church reflects on Katrina Survivors support group
08:20a HUNTINGTON BANCSHARES : 2013 Releases
08:10a HONDA MOTOR : BRIEF: Man dead in hit-and-run crash in Portage Park
08:07a VISION EYE INSTITUTE : In pictures:Bukedde celebrates 21 years
08:07a PG&E : Burlingame: Highway 101 closed due to downed power lines
08:05a EFU LIFE ASSURANCE : And askari bank sign bancatakaful distribution agreement
Latest news
Advertisement
Hot News 
OPPORTUNITY INVEST MGMT : 28 augustus 2015 - PRESS RELEASE: Announcement OIM 28 August 2015
MOLYCORP : Massive Mojave mine Molycorp to close, taking nearly 500 jobs
CHALLENGER ACQUISITIONS : Says It Is Focused On Integrating Starneth
MAVEN INCOME & GROWTH VCT : 4 Net Asset Value Total Return Rises
BIG LOTS : Announces Quarterly Dividend On Common Stock
Most Read News
08/28 SHAREHOLDER ALERT : Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in The Spectranetics Corporation to Contact Brower Piven Before the Lead Plaintiff Deadline in Class Action Lawsuit -- SPNC
08/28 Woodbridge Fireplace Introduces Two New Fireplace Models
08/28 AER Issues Suspension Order to Nexen
08/28 PIVOTAL THERAPEUTICS : Announces Second Quarter Financial Results
08/28 BRASKEM 72 HOUR DEADLINE ALERT : Approximately 72 Hours Remain; Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors of Deadline in Class Action Lawsuit Against Braskem S.A. -- BAK
Most recommended articles
07:55a China to cap 2015 local government debt at $2.5 trillion - Xinhua
07:11a IMF's Lagarde says restructuring should suffice for Greek debt
06:47a Myanmar sets $2.80 daily minimum wage in bid to boost investment
06:08a German finance ministry sees rising government borrowing costs - Spiegel
05:14aDJAlberta Energy Regulator Orders Oil-Sands Operation to Shut Pipelines