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Subject:  The S&P 500 has fallen 3.4% since April 2, when the index closed at a nearly four-year high. |
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Author: US Stocks Tumble, End With Year's Biggest Weekly Declines |
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Date Posted: 15:43:54 04/13/12 Fri In reply to: slower growth in China 's message, "stocks sank more than one percent in a Friday the 13th rout" on 15:26:27 04/13/12 Fri US Stocks Tumble, End With Year's Biggest Weekly Declines 14/04/2012 6:41AM --Stocks decline on China growth concerns, rising Spanish borrowing costs --Benchmarks finish with biggest weekly declines since December --China's economy expands by less than expected in first quarter --European markets tumble on concerns over funding needs of Spanish banks --Earnings from J.P. Morgan Chase, Google and Wells Fargo beat estimates, but stocks fall (Updates with closing stock prices.) By Chris Dieterich Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--U.S. stocks fell sharply Friday, capping this year's biggest weekly declines, after disappointing economic data from China and rising borrowing costs in Spain damped sentiment. The Dow Jones Industrial Average declined 136.99 points, or 1.05%, to 12849.59, while the S&P 500 lost 17.31 points, or 1.25%, to 1370.26. The Nasdaq Composite shed 44.22 points, or 1.45%, to 3011.33. The Dow industrials tumbled 1.61% this week, while the S&P 500 lost 1.99% and the technology-heavy Nasdaq shed 2.25%. Stocks opened lower after data showed China's economy expanded at its slowest pace in three years last quarter and as rising bond yields in Spain intensified investors' concerns about Europe's sovereign-debt issues. Better-than-expected earnings from Google, J.P. Morgan Chase and Wells Fargo couldn't offset those worries. Losses accelerated late in the session and indexes ended Friday near session lows. "Investors are trying to decide if this is a soft patch or a correction," said Jeff Schwarte, U.S. equities portfolio manager at Principal Global Investors in Des Moines, Iowa. The S&P 500 has fallen 3.4% since April 2, when the index closed at a nearly four-year high. "Spanish and Italian debt issues haven't gone away. In the first quarter, liquidity helped bring down bond yields, but there's volatility around those numbers now that we seem to have exhausted" the European Central Bank's long-term refinancing operation, Schwarte said. Financial-sector stocks led the market lower, and Bank of America, down 49 cents, or 5.3%, to $8.68, was the Dow's biggest percentage decliner. J.P. Morgan fell 1.63, or 3.6%, to 43.21, after posting first-quarter results that exceeded expectations, but recorded a 3.1% decline in net income. The bank raised its dividend and unveiled a $15 billion stock buyback. Wells Fargo declined 1.18, or 3.5%, 32.84, after announcing its first-quarter profit rose 13% on better-than-expected revenue growth that was bolstered by its mortgage-banking arm. Technology stocks, including Hewlett-Packard, down 53 cents, or 2.1%, to 24.57, also slumped. Google declined 26.41, or 4.1%, to 624.60, after the Internet-search company reported first-quarter earnings and revenue that beat expectations late Thursday, though the average price it charged for each ad click was lower than expectations. The company also said it would create a new class of nonvoting stock that will be distributed to current shareholders as a dividend, effectively a two-for-one stock split. Friday's stock declines followed losses in Europe. The Stoxx Europe 600 fell 2.2%, and Spain's IBEX 35 slumped 3.6%, to a three-year low, after data showed Spanish bank borrowing from the European Central Bank surged to highs in March, a sign of withering demand from global investors. Yields on 10-year Spanish bonds rose on the news, and insurance-like credit-default swaps on Spanish bonds climbed to a record. Asian bourses mostly rose, but pared gains after China reported gross domestic product rose 8.1% in the first quarter, below forecasts for an 8.3% gain. China's Shanghai Composite rose 0.4%, and Japan's Nikkei Stock Average gained 1.2%. Crude-oil prices eased 0.8%, to $102.83 a barrel, while gold prices slipped 1.2%, to $1659.10 a troy ounce. The dollar strengthened against both the euro and yen. The yield on the 10-year Treasury note fell to 1.996% as prices rose. In other corporate news, Coinstar rose 4.47, or 7.3%, to 65.78, after the company raised its earnings and revenue forecasts for its first quarter and full year, saying it experienced increased consumer demand at its Redbox movie-rental kiosks. Bank of the Ozarks fell 89 cents, or 2.9%, 30.04, after reporting first-quarter earnings rose 23%, led by growth in the company's interest income and as gains from service charges boosted noninterest income. But loan growth fell short of expectations and net interest margin also decreased. Dow Chemical rose 53 cents, or 1.6%, to 33.20, after the company's board approved a 28% increase in the quarterly dividend, reflecting confidence in its prospects. Cheniere Energy rose 1.16, or 7.4%, 16.89, after the Federal Energy Regulatory Commission said Thursday it plans to take up the company's application to build an export facility in Louisiana when its members meet later this month. If the regulator approves the project, Cheniere will become the first company in years to get approval to export liquefied natural gas from the U.S. -By Chris Dieterich, Dow Jones Newswires; 212-416-2611; christopher.dieterich@dowjones.com (END) Dow Jones Newswires April 13, 2012 16:41 ET (20:41 GMT) Copyright (c) 2012 Dow Jones & Company, Inc. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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 The word ANGRY is being used in media | Angry | 15:45:54 04/13/12 Fri |