Member access

4-Traders Homepage  >  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

Recommend :
React to this article
Latest news
Date Title
<1m ago Porter Novelli Appoints Dr. Amy Nicole Nayar Senior Vice President of Global Health & Wellness
<1m ago NEUTRA : NTRR and S2O2 Add More Big-Time Sports Clients
<1m ago ARIAD PHARMACEUTICALS : Announces Continuation of Iclusig Review under the Article 20 Procedure in Europe
<1m ago STAAR SURGICAL : Attention STAAR Surgical Company Investors: STAAR Misled Investors According to a Recently Filed Class Action
<1m ago AbbVie Executive John G. Poulos Named 2014 Frank Barnes Mentor Award Winner by the Licensing Executives Society U.S.A. & Canada, Inc.
<1m ago ALEXZA PHARMACEUTICALS : to Report 2014 Second Quarter Financial Results on Thursday, August 7, 2014
<1m ago DEPOMED : Announces District Court Order in ANDA Litigation
<1m ago 22ND CENTURY : Engages CRO for FDA Regulatory Activities of Company's Modified Risk Cigarettes
<1m ago CUBIST PHARMACEUTICALS : to Announce Second Quarter 2014 Financial Results on Tuesday, July 22, 2014
<1m ago DEPOMED : Announces Appointment of Srinivas G. Rao, MD, PhD, as Chief Medical Officer
Latest news
Hot News 
EUROPEAN ISLAMIC INVESTMENT BANK : Euro Islamic Inv Bnk - Proposed appointment of CFO and Executive Director
PENNA CONSULTING : Quarterly Revenue And Profit Ahead Of Expectations
RAPIDCLOUD : To Acquire Exxelnet For GBP950,000 In Cash And Shares
SERABI GOLD : Declaration of commercial production at Palito and second quarter operations update
Most Read News
3h ago QUALCOMM : struggles to collect royalties in China, stock falls
2h ago FACEBOOK : beats Wall Street targets, stock hits record high
3h ago AT&T : new device financing plan weighs on revenue
3h ago NOVO NORDISK A/S : New Colitis Study Results from Novo Nordisk Described (Predictive validity and immune cell involvement in the pathogenesis of piroxicam-accelerated...
2h ago BOMBARDIER : to cut 1,800 jobs, aerospace head retires
Most recommended articles
6d agoDJU.S. Industrial Production-Historical
1m ago Shanghai regulator visits 581 firms, restaurants in food safety probe
14m ago Shanghai regulator visits 581 firms, restaurants in food safety probe
15m agoDJHSBC : July Preliminary China Manufacturing PMI 52.0 Vs Final June PMI 50.7
17m ago AUD/USD TECHNICAL ANALYSIS : Rising Toward July Swing High
Dynamic quotes