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Date Posted: 11:11:46 05/24/13 Fri
Author: U.K. markets will be closed Monday for a holiday. 27/5/2013
Subject: U.S. markets will be closed Monday for Memorial Day

U.S. stocks down, but Dow trims loss
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By Victor Reklaitis and William L. Watts, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks traded in the red but at the session’s best levels on Friday afternoon following another volatile session for Asian markets.

Friday’s upbeat durable-goods data largely has failed to overcome negative sentiment, as concerns about a potential tapering in the Federal Reserve’s bond-buying program persisted. Investors also could be opting to lock in profits ahead of the holiday weekend.

The Dow Jones Industrial Average /quotes/zigman/627449 DJIA -0.07% dipped 12.02 points, or 0.1%, to 15,282.48, erasing the bulk of its intraday loss. The Standard & Poor’s 500 Index /quotes/zigman/3870025 SPX -0.23% dipped 3 points to 1,648. Among S&P sectors, utilities, energy and consumer discretionary were the biggest losers.

The Nasdaq Composite /quotes/zigman/12633936 COMP -0.20% lost 6 points to 3,453.

Click to Play P&G brings back old CEOWhat’s News: Procter & Gamble brings back old CEO, A.G. Lafley to replace embattled chief Robert McDonald. Photo: Associated Press.
The indexes opened with moderate losses, with the Dow off about 60 points, then slumped further around midmorning before coming back to trade at their session highs.

Orders for long-lasting, big-ticket U.S. goods rose 3.3% in April, led by higher demand for aircraft, military wares and autos. That beat forecasts, as economists surveyed by MarketWatch had expected a 1.4% gain. U.S. stock index futures pared their losses after the Commerce Department released the encouraging data at 8:30 a.m. Eastern.

U.S. markets will be closed Monday for Memorial Day, and U.K. markets will be closed Monday for a holiday.

“Profit-taking ahead of a long weekend in the US and UK appears to be the name of the game today, said Colin Cieszynski, senior market analyst at CMC Markets in emailed remarks.

“Positive durable goods sales were unable to bring in any lasting support and instead may be having the opposite effect, providing more evidence for the Fed to begin tapering QE,” he added, referring to the central bank’s bond buys, known as quantitative easing, or QE.

Weekly streak in jeopardy
For the week, the Dow, S&P 500 and Nasdaq are all on pace to snap four-week winning streaks. Each index reached an all-time or multiyear high during this past week, but then turned tail. Read: Bernanke dares you to buy stocks.

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/conga/story/misc/markets.html 240610 On the earnings front Friday, Abercrombie & Fitch /quotes/zigman/167627/quotes/nls/anf ANF -8.30% shed 9% after posting a bigger-than-expected first-quarter loss before the open. The teen clothing retailer’s revenue also missed expectations.

Sears Holdings Corp. /quotes/zigman/95136/quotes/nls/shld SHLD -14.16% was also down after a deeper-than-expected first-quarter loss, tumbling 14%. The retailer disclosed its quarterly performance late Thursday, with CEO Eddie Lampert calling it “not acceptable.”

On the upside, Pandora Media Inc. /quotes/zigman/5419837/quotes/nls/p P -2.31% rose 2% after its upbeat quarterly report, out late Thursday. The Internet radio company disclosed big gains in mobile revenue.


Reuters

Enlarge Image
Procter & Gamble's Tide In C-suite news, Procter & Gamble Inc. /quotes/zigman/238894/quotes/nls/pg PG +3.98% advanced 4% after the consumer products giant said late Thursday that A.G. Lafley would return as chief executive, replacing the embattled Bob McDonald.

In other markets Friday, European stocks closed slightly lower, and a better-than-expected rise in German business confidence only had a brief, positive impact on stocks in that country.

Japan saw another dramatic trading session. Swinging more than 3% on either side of the prior day’s close, the Nikkei 225 index /quotes/zigman/5986735 JP:NIK +0.89% closed up 0.9%. The fall for the Nikkei was triggered by a steep rise in the yen after Bank of Japan Gov. Haruhiko Kuroda said stability in the country’s debt markets was “extremely desirable.”

Gold prices fell Friday, along with oil. The dollar continued to fall against the yen. Read: What gold, silver mining investors should do next.
/quotes/zigman/627449 Add to portfolio DJIA Dow Jones Industrial Average US : DJ-Index 15,283.40 -11.10 -0.07% Volume: 56.68mMay 24, 2013 2:09p
/quotes/zigman/3870025 Add to portfolio SPX S&P 500 Index US : S&P Base CME 1,646.71 -3.80 -0.23% Volume: 227.15mMay 24, 2013 2:09p
/quotes/zigman/12633936 Add to portfolio COMP NASDAQ Composite Index US : U.S.: Nasdaq 3,452.68 -6.74 -0.20% Volume: 0.00May 24, 2013 2:09p
/quotes/zigman/167627/quotes/nls/anf Add to portfolio ANF Abercrombie & Fitch Co. US : U.S.: NYSE $ 49.86 -4.51 -8.30% Volume: 7.52mMay 24, 2013 2:09pP/E RatioN/ADividend Yield1.61%Market Cap$4.26 billionRev. per Employee$46,029
/quotes/zigman/95136/quotes/nls/shld Add to portfolio SHLD Sears Holdings Corp. US : U.S.: Nasdaq $ 49.94 -8.24 -14.16% Volume: 6.77mMay 24, 2013 2:08pP/E RatioN/ADividend YieldN/AMarket Cap$6.19 billionRev. per Employee$158,683
/quotes/zigman/5419837/quotes/nls/p Add to portfolio P Pandora Media Inc. US : U.S.: NYSE $ 16.76 -0.40 -2.31% Volume: 22.81mMay 24, 2013 2:09pP/E RatioN/ADividend YieldN/AMarket Cap$2.99 billionRev. per Employee$637,664
/quotes/zigman/238894/quotes/nls/pg Add to portfolio PG Procter & Gamble Co. US : U.S.: NYSE $ 81.83 +3.13 +3.98% Volume: 18.45mMay 24, 2013 2:09pP/E Ratio17.50Dividend Yield2.94%Market Cap$226.45 billionRev. per Employee$664,476
/quotes/zigman/5986735 Add to portfolio JP:NIK NIKKEI 225 Index JP : Nikkei Idx 14,612.45 +128.47 +0.89% Volume: 0.00May 24, 2013 3:00p
Victor Reklaitis is a New York-based markets writer for MarketWatch. Follow him on Twitter @VikRek.

William L. Watts is MarketWatch's senior markets writer, based in New York. Follow him on Twitter @wlwatts.

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