Member access

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
2m ago CONNEMARA MINING : Oldcastle Exploration Update
2m ago GLAXOSMITHKLINE FIRES EXECUTIVE WHO RAISED RACE COMPLAINT IN SOUTH AFRICA : Bloomberg
6m ago PETROAMERICA OIL : Shareholders Approve Share Consolidation, Re-Approve Shareholder Rights Plan and Re-Elect Board of Directors - Read More
7m ago SCAPA : Additional Listing
7m ago Goldcorp Signs Important Resource Development Agreement with Four First Nation Communities in Timmins, Ontario
17m ago FLINDERS MINES : High Grade BID Mineralisation intersected at Blackjack Deposit
21m ago MORTGAGE CHOICE : Australians set to tighten purse strings this Christmas
21m ago AUSTRALIAN GOVERNMENT : Export awards celebrate excellence in a new era of opportunity, Media release, 27 Nov 2014, Australian Minister for Trade and Investment, The Hon Andrew Robb AO MP
22m ago AUSTRALIAN GOVERNMENT : Commonwealth Science Council brings scientists and business leaders together to collaborate | Prime Minister of Australia
25m ago BANK OF JAPAN : URGENT: Japan's consumer prices rise 2.9% on year in October
Latest news
Advertisement
Hot News 
Novo Banco CEO sees no new capital need, deposits recovering
DIXONS CARPHONE : *citigroup raises carphone warehouse price target to 480 (430) pence - 'buy'
IMPAX ASSET MANAGEMENT : Raises Dividend As Pretax Profit Rises
AUGEAN : Capital Markets Day
DRIVER : Shares Hit Seven Week High After Big Oman Contract Win
Most Read News
50m ago WHOLE FOODS MARKET : Jordan named president of Whole Foods’ Rockies division
50m ago SIMON PROPERTY : May Be Looking to Buy Macerich, Recent Transactions Indicate
1h ago GLENCORE : invests in Congo hydropower as solution to blackouts
50m ago MACERICH : 10 Must Reads for the CRE Industry Today (November 20, 2014)
50m ago NAVISTAR : New disaster-relief truck design unveiled
Most recommended articles
1m ago GLAXOSMITHKLINE FIRES EXECUTIVE WHO RAISED RACE COMPLAINT IN SOUTH AFRICA : Bloomberg
1h agoDJPartners in Law (and Life) Go to Bat for Banks
1h agoDJFestive Fashion for Christmas
2h agoDJRio Tinto Increases Australian Coal Reserves
2h ago TSX energy shares plummet after OPEC holds output
Dynamic quotes  
ON
| OFF