Member access

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 | 11:28am 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.

Latest news
Date Title
<1m ago STORA ENSO : invests in quality and cost-competitiveness of Imatra Mills in Finland
<1m ago CSR : Form 8.5 (EPT/RI)-CSR Plc-Amendment
<1m ago ABERDEEN ASSET MANAGEMENT : Form 8.3 -
<1m ago STORA ENSO : Interim Review January–September 2014
<1m ago HMT UK HER MAJESTY TREASURY : Government launches consultation on further housing market powers for Bank of England
<1m ago TRI POINTE HOMES : Buy Now Save Big at Barrington in Scenic Brentwood on Impressive Move-In Ready Homes
1m ago DIXE FOOD : DIXIE FOODS INTERNATIONAL, INC : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
1m ago Tricky path ahead for Fed - CMC Markets
1m ago STEWART & WIGHT : Pentwater Capital Management LP : - Form 8.3 - Steris Corporation
1m ago GENESIS ENERGY : Third Quarter Results Follow-Up Conference Call
Latest news
Advertisement
Hot News 
CERAGON NETWORKS : Reports Third Quarter 2014 Financial Results
WESTERN GAS PARTNERS : Prices Public Offering of 7,500,000 Common Units
ABIOMED : Announces Second Quarter Fiscal 2015 Revenue of $51.9 Million, Up 17% Over Prior Year
ACCURAY : misses Street 1Q forecasts
PAREXEL : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
Most Read News
2h ago WORLD WRESTLING ENTERTAINMENT : WWE :® Reports 2014 Third Quarter Results
1d ago MEDASSETS : tops Street 3Q forecasts
1d ago GENERAL MOTORS' : Trademark Application for "GOODWRENCH" Filed
6h ago Volkswagen profit jumps on record Audi, Porsche sales
2h ago Lufthansa shares drop after 2015 profit guidance cut for second time
Most recommended articles
1m ago Tricky path ahead for Fed - CMC Markets
1m ago UK outlines new legal powers for Bank of England to regulate mortgages
2m agoDJCopper Drops on Stronger Dollar
3m agoDJU.S. Stocks Fall; Visa Boosts Dow
16m ago Power of 'France Inc' on display in Sanofi boardroom coup
Dynamic quotes  
ON
| OFF