NEW YORK (Reuters) - The S&P 500 fell for a fourth day on Wednesday, weighed down by disappointing news from Chevron and Alcoa as earnings season got under way.
Chevron
Both stocks are Dow components, and the blue-chip average posted its biggest daily percentage drop since early July.
"The market is worried about what is going to happen with earnings," said Randy Warren, chief investment officer of investment advisory firm Warren Financial Service in Exton, Pennsylvania.
"All expectations are for a softening."
The market continues to focus on weak global demand as S&P 500 companies' third-quarter earnings are expected to fall 2.9 percent from a year ago, according to Thomson Reuters data. It would be the first decline in three years.
Stocks briefly trimmed losses after the Federal Reserve's Beige Book showed the overall economy had expanded modestly, with most districts seeing strengthened home sales in the last month.
The Dow Jones industrial average fell 128.56 points, or 0.95 percent, to end at 13,344.97. The S&P 500 dropped 8.92 points, or 0.62 percent, to 1,432.56. The Nasdaq Composite lost 13.24 points, or 0.43 percent, to end at 3,051.78.
The declines in the Dow and the S&P 500 were partially offset by gains in Wal-Mart Stores Inc
Wal-Mart shares climbed 1.7 percent to $75.42 after hitting an all-time high of $76.81 as it cited strong sales at its U.S. grocery stores and a big start to holiday layaway sales in its annual meeting with analysts and investors.
FedEx rose 5.2 percent to $89.99, its largest daily percentage jump this year, as the package delivery company laid out plans to sharply cut costs at two divisions, seeking to improve profits there by $1.7 billion over the next four years.
Yum Brands
Warehouse chain Costco Wholesale
Engine maker Cummins Inc
About 5.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.53 billion shares.
On the NYSE, roughly eight issues fell for every five that rose. On the Nasdaq, six shares declined for every five that advanced.
(Reporting by Rodrigo Campos; Editing by Jan Paschal)
Source: http://news.yahoo.com/p-500-ends-down-4th-day-chevron-drags-200802353--finance.html
justin timberlake michael dyer bachmann bachmann iowa caucus results sickle cell trait sugar bowl
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.