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| Subject: U.S. stocks end worst week of 2012 | |
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Author: Black Friday the thirtheenth |
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Date Posted: 14:36:45 04/13/12 Fri Market Snapshot Archives | Email alerts April 13, 2012, 4:42 p.m. EDT U.S. stocks end worst week of 2012 Stories You Might Like •Sponsored: this site China buying gold? •Sponsored: this site U.S. stocks rally on earnings expectations •Sponsored: Street Authority George Soros and Carl Icahn Own Almost $300… [?]446 Comments Share Digg Yahoo! Buzz MySpace del.icio.us Reddit LinkedIn Fark StumbleUpon Newsvine newPortfolio Relevance LEARN MOREWant to see how this story relates to your portfolio? Just add items to create a portfolio now: XAddDow Jones Industrial Average (DJIA)XAddJPMorgan Chase & Co. (JPM)XAddS&P 500 Index (SPX)Add Create Portfolio or Cancel Already have a portfolio? Log In By Kate Gibson, MarketWatch NEW YORK (MarketWatch) — U.S. stocks fell Friday, with the major indexes recording their worst week this year, after China reported its economy slowed more than anticipated. Click to Play Best Buy deepens investigationBest Buy's investigation into former CEO Brian Dunn is exploring if he misused company assets during an alleged relationship with a female subordinate, people familiar with the matter said. “The market dropped because China’s economy is slowing down more than expected,” said Jim Sloan of Jim Sloan & Associates in Houston, Texas. “Everybody’s worried and everybody’s unsure if the global economy can stand on its own, and China is a big part of global growth. If it slows too rapidly, that would create a lot of pain. I don’t think it will, but there’s uncertainty,” said Alan Skrainka, chief investment officer at Cornerstone Wealth management LLC. Still, “after an explosive 30% rise we were due” for a correction, said Skrainka of the market’s climb from its October lows. ‘The world economy is being held together with baling wire and chewing gum.’ Jim Sloan, Jim Sloan & Associates The Dow Jones Industrial Average /quotes/zigman/627449 DJIA -1.05% fell 136.99 points, or 1.1%, to close at 12,849.59, leaving it down 1.6% from the prior week, and its most substantial weekly hit since the middle of December. Dow component J.P. Morgan Chase & Co. /quotes/zigman/272085/quotes/nls/jpm JPM -3.64% reported a larger-than-expected profit in the first quarter. The first major U.S. bank to report results for the quarter, its shares lost 3.6%. Read more on financial stocks. The S&P 500 /quotes/zigman/3870025 SPX -1.25% dropped 17.31 points, or 1.3%, to 1,370.26, off 2% from the week-ago close, with financial and technology faring the worst and utilities and consumer staples the best performers among its 10 industry groups. Google Inc. /quotes/zigman/93888/quotes/nls/goog GOOG -4.06% shares were among those hit, down 4.1%, as corporate-governance entities voiced concern about the most recent effort by the online search engine’s founders to retain control. Google detailed Thursday a plan that allows it to issue new shares without diluting the voting power of founders Larry Page and Sergey Brin. Read more on Google shares. The Nasdaq Composite /quotes/zigman/123127 COMP -1.45% fell 44.22 points, or 1.5%, to 3,011.33, leaving it down 2.3% from last week’s close. The indexes also fell last week, the first back-to-back weekly losses for the S&P 500 and the Nasdaq of the year. For every stock rising roughly three fell on the New York Stock Exchange, where 771 million shares traded; composite volume came to 3.5 billion. Commodities hit Oil and gold prices fell, with crude futures /quotes/zigman/2203141 CLK2 -0.77% falling 81 cents, or 0.8%, to finish at $102.83 a barrel. Gold futures /quotes/zigman/661661 GCM2 -1.24% for June delivery fell $20.40, or 1.2%, to settle at $1,660.20 an ounce on the New York Mercantile Exchange. The Thomson Reuters/University of Michigan’s initial index of consumer sentiment declined in April to 75.7 from 76.2 last month. Read more on consumer sentiment. A separate report, from the Labor Department, had consumer prices climbing 0.3% in March after a 0.4% rise the prior month. Read more on consumer prices. China’s National Bureau of Statistics on Friday said the nation’s annual rate of economic growth slowed in the first quarter to 8.1% from 8.9% during the prior three months. Read more on China GDP. Rising borrowing costs in Spain also weighed on sentiment. “The world economy is being held together with baling wire and chewing gum,” said Sloan. /quotes/zigman/627449 Add to portfolio DJIA Dow Jones Industrial Average US : DJ-Index 12,849.59 -136.99 -1.05% Volume: 140.99MApril 13, 2012 4:30p /quotes/zigman/272085/quotes/nls/jpm Add to portfolio JPM JPMorgan Chase & Co. US : NYSE Euronx $ 43.21 -1.63 -3.64% Volume: 45.91MApril 13, 2012 4:00pP/E Ratio9.64Dividend Yield2.78%Market Cap$171.41 billionRev. per Employee$426,335 /quotes/zigman/3870025 Add to portfolio SPX S&P 500 Index US : S&P Base CME 1,370.26 -17.31 -1.25% Volume: 620.01MApril 13, 2012 4:30p /quotes/zigman/93888/quotes/nls/goog Add to portfolio GOOG Google Inc. Cl A US : Nasdaq $ 624.60 -26.41 -4.06% Volume: 8.13MApril 13, 2012 4:00pP/E Ratio18.21Dividend YieldN/AMarket Cap$211.67 billionRev. per Employee$1.23M /quotes/zigman/123127 Add to portfolio COMP NASDAQ Composite Index US : Nasdaq 3,011.33 -44.22 -1.45% Volume: 0.00April 13, 2012 5:30p /quotes/zigman/2203141 Add to portfolio CLK2 Crude Oil - Electronic (NYMEX) May 2012 US : NYMEX GLOBEX $ 102.84 -0.80 -0.77% Volume: 195,386April 13, 2012 5:14p /quotes/zigman/661661 Add to portfolio GCM2 Gold - Electronic (COMEX) Jun 2012 US : COMEX GLOBEX $ 1,659.80 -20.80 -1.24% Volume: 121,056April 13, 2012 5:14p Kate Gibson is a reporter for MarketWatch, based in New York. [ Next Thread | Previous Thread | Next Message | Previous Message ] |