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 Open Lower, Extending Wednesday's Steep Declines

02/21/2013 | 09:57am US/Eastern

--Stocks decline at open; DJIA down 41, S&P loses six

--Euro-zone economic weakness shakes global markets

--Stocks extend declines from Wednesday following Federal Reserve meeting minutes

 
   By Alexandra Scaggs 
 

NEW YORK--Stocks tilted lower after Thursday's open, as euro-zone economic weakness and the threat of an end to Federal Reserve stimulus action weighed on markets.

The Dow Jones Industrial Average slipped 41 points, or 0.3%, to 13887. The Standard & Poor's 500-stock index gave up six points, or 0.4%, to 1506 and the Nasdaq Composite Index lost 12 points, or 0.4%, to 3152.

Stocks extended Wednesday's steep declines. 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.

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 though, excluding volatile food and energy costs, it increased 0.3%.

A trio of reports are due at 10 a.m. Existing-home sales for January are expected to show a decline of 1% to a seasonally adjusted annualized rate of 4.89 million; the Philadelphia Federal Reserve's February index of business activity is seen rising to +3.0 from January's -5.8; and the Conference Board's Leading Economic Index for January is forecast to gain 0.3%.

Wal-Mart gained 1.1% after the blue-chip discount retailer reported earnings that topped analyst estimates, helping to offset a first-quarter earnings outlook that was below current analyst projections.

Among other Dow components, Hewlett-Packard declined 0.5%. The technology company reports fiscal first-quarter results after the closing bell.

The losses in U.S. stocks were more modest than declines in overseas markets.

In Europe, the Stoxx Europe 600 fell 1.2% on disappointing euro-zone data and worries that the Fed may soon start winding down its asset purchases. Markit's preliminary composite purchasing-managers' index for the euro zone fell to 47.3 in February from January's 48.6, and below expectations of 48.5. Readings below 50 indicate contraction. Within the euro zone, Italy's FTSE MIB skidded 2.6% to a two-month low and Germany's DAX slid 1.8%.

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

React to this article
Latest news
Date Title
02:42a BE THINK SOLVE EXECUTE : acquires OSS Unternehmensratung AG
02:42a PANORAMA SYNERGY : Announces FY15 Results
02:42a ICHIGO REAL ESTATE INVESTMENT : Asset Acquisition
02:42a RUSFOREST : announces plans to develop harvesting operations in Ust-Ilimsk
02:40a Euro, Yen Rise as Jackson Hole Outcome Sends Markets Scrambling
02:39a Cortendo Announces Filing of Registration Statement for Proposed Initial Public Offering
02:38a ALFA LAVAL : Wins SEK 60 Million Brewery Order in India
02:37a AUSTEX OIL : Half Year Reserve Report
02:37a ATRIUM LJUNGBERG : changes ticker (abbreviation) to ATRLJ B
02:37a PANDORA A/S : 31 August 2015 TRANSACTIONS IN CONNECTION WITH SHARE BUYBACK PROGRAMME
Latest news
Advertisement
Hot News 
BW OFFSHORE : Mandatory notification of trade
SHANDONG WEIGAO MEDICAL POLYMER : 31/08/2015 (1) proposed amendment to articles of association (2) proposed interi...
MBANK : Notification of transactions in securities of mBank S.A. sent by an obliged person
SALVATORE FERRAGAMO ITALIA : 2015 08 27 Press Release_1H 2015 Results
YAMAHA MOTOR : to Launch New Fino125 in Thailand, Model Featuring BLUE CORE Engine
Most Read News
08/30 Suzuki Motor says it will buy back VW stake as court settles feud
08/30 Politicians welcome Berri's call for dialogue
08/30 DATACENTRIX : Forward-thinking Western Cape government wins OpenText "Big Think" award
08/30 Tezzaron Announces World’s First Eight-Layer Active Wafer Stack
08/30 GOLDEN MEDITECH : Notice of extraordinary general meeting
Most recommended articles
02:40a Euro, Yen Rise as Jackson Hole Outcome Sends Markets Scrambling
02:32a Fund house Arabesque hires founder of U.N. sustainability programme
02:17aDJGerman Retail Sales Grow Adjusted 1.4% on Month in July
02:15aDJIliad Profit Up as Mobile Client Numbers Rise
02:10a French tax cuts will not be at expense of deficit targets - minister