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
01:47a LADBROKES : *davy raises ladbrokes to 'neutral' ('underperform')
01:46a VICTREX : *ubs cuts victrex price target to 2020 pence - 'neutral'
01:46a BANIMMO 'A' : Consolidated results on June 30, 2015
01:45a CRODA : *ubs raises croda price target to 2320 pence - 'sell'
01:45a RIGHTMOVE : *ubs raises rightmove price target to 3810 pence - 'buy'
01:45a Orange confirms annual targets as recovery takes hold
01:45aDJPayments Startup Stripe Raises Funds at $5 Billion Valuation
01:45a Orocobre Limited Quarterly Activities & Cashflow Report - June 2015
01:44a RECKITT BENCKISER : *ubs raises reckitt benckiser price target to 6600 pence - 'buy'
01:44a MERLIN ENTERTAINMENTS : *ubs cuts merlin entertainments price target to 440 (485) pence - 'neutral'
Latest news
Advertisement
Hot News 
MAGNETEK : Stull, Stull & Brody : Launches Investigation Into Possible Breaches of Fiduciary Duty by the Board of Directors of Magnetek, Inc. (MAG)
ZEGONA COMMUNICATIONS : Former Virgin execs swoop for Spanish outfit
BANIMMO 'A' : Consolidated results on June 30, 2015
MYSALE : E-tailer digests boardroom changes
CRANSWICK : sales show marked improvement
Most Read News
07/27 RIRDC RURAL RESEARCH AND DEVELOPMENT : Quinoa shows potential for high profit crop
07/27 MEDIA ADVISORY : Harper Government to Announce Support for Community Infrastructure in West Kelowna
07/27 PJD PJ DEVELOPMENT BHD : Circular/Notice to Shareholders
07/27 ITC PROPERTIES : Major Transaction in relation to the Acquisition of the Share of Westfountain Co. Ltd. and Shareholder’s Loan of its Subsidiary
07/27 WASHINGTON FEDERAL : Announces Cash Dividend
Most recommended articles
01:45a Orange confirms annual targets as recovery takes hold
01:45aDJPayments Startup Stripe Raises Funds at $5 Billion Valuation
01:40aDJYen Weakens Against Rivals as Risk Averse Mood Recedes on Asian Stocks Recovery
01:36a Zurich says weighing up bid for British insurer RSA
01:34aDJOnline Payments Startup Stripe Raises New Funds at $5 Billion Valuation