Chicago Option Dow Friday 16/8/2013==Elvis -- Notes

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, [7], 8, 9, 10 ]

Subject:

Chicago Option Dow Friday 16/8/2013==Elvis

Author:
Report 56 calendar Saturday 20/7==Saturday 14/9==Australian Time

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 09:30:30 08/19/13 Mon

U.S. Stocks Decline, Extending Dow's Weekly Slump
17/08/2013 6:31AM

--Stocks edge lower, extending weekly slide

--Dow average posts largest weekly drop since June 2012

--Housing starts, building permits weaker than expected

By Matt Jarzemsky

U.S. stocks declined Friday, with a late-day selloff sending the Dow average to its biggest weekly slide in over a year.

The Dow Jones Industrial Average fell 30.72 points, or 0.2%, to 15081.47, reversing gains in the last half hour of the session. The move followed steeper declines earlier in the week, adding up to a 2.2% drop for the benchmark, the biggest since June 2012.

The S&P 500 dropped 5.49 points, or 0.3%, to 1655.83. The Nasdaq Composite Index ticked down 3.34 points, or 0.1%, to 3602.78.

"We've been in a market that has rallied quite substantially," said Scott Glasser, co-chief investment officer at ClearBridge Investments, which oversees $71 billion in New York. "This week's action is a reflection of a tired market that had probably become too overbought short term."

Year-to-date, the Dow is up 15% and the S&P 500 has gained 16%. The Dow has fallen 3.7% since its Aug. 2 record close.

"You had a series of events to give investors either the reason or the excuse to take some money off the table," Mr. Glasser added. "You have heightened fears about Egypt, you have more fears about the timing of 'tapering,' and you had a series of high-profile companies from an earnings perspective that have either missed expectations or only met expectations for a market where expectations were high."

Signs of improvement in the labor market, such as a better-than-expected jobless-claims report Thursday, have fueled speculation the Federal Reserve will scaling back--or "taper"--its stimulus efforts as early as September. Concerns about the Fed remained apparent in the bond market Friday, where selling in the 10-year Treasury note pushed its yield up to 2.827%. The yield saw its largest weekly increase since June.

Nordstrom's shares dropped 4.9% Friday after the department-store operator cut its profit forecast for the year. Men's retailer Jos. A. Bank fell 7% after forecasting quarterly results that fell far short of projections. The moves followed selling in bellwethers Cisco Systems and Wal-Mart Stores on Thursday, after executives' remarks about their respective demand outlooks disappointed investors.

On the economic front, U.S. housing starts rose 5.9% in July, weighed down by a drop in single-family home construction, the Commerce Department reported. The result lagged behind economists' forecast for an 8.9% rise. The number of new housing permits rose 2.7%, just shy of economists' projections.

Readings on second-quarter productivity and unit labor costs increased more than expected. U.S. consumers began August feeling less positive about the economy, according to the Thomson Reuters and University of Michigan's consumer-sentiment index.

August gold futures tacked on 0.7% to $1,371.70 an ounce, extending the previous session's jump to eight-week highs amid continued Middle East tensions. September crude-oil futures rose 0.1% to settle at $107.46 a barrel. The dollar gained ground against both the euro and the yen.

Asian markets were highlighted by a wild session in China, as the Shanghai Composite shot up as much as 5.6% in intraday trading before closing down 0.6%. The early spike was attributed to problems in the arbitrage system of Shanghai-based brokerage firm China Everbright Securities. The Shanghai Stock Exchange said it was investigating the issue.

Meanwhile, Japan's Nikkei Stock Average fell 0.8%.

European stocks ended mostly higher. The Stoxx Europe 600 gained 0.3%, capping its third-straight weekly advance.

Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com

(END) Dow Jones Newswires

August 16, 2013 16:31 ET (20:31 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Previous Stories
17/08/2013 6:08AM S&P 500 Declines 5.49 (0.33%) to 1655.83; Closes at Lowest Level Since July 10 (headline only)
17/08/2013 6:07AM DJIA Loses 30.72 (0.20%) to 15081.47; Verizon, Pfizer Pace Decliners (headline only)
17/08/2013 6:06AM Nasdaq Slips 3.34 (0.09%) to 3602.78; Utilities, Telecom Lead Sector Decliners (headline only)
17/08/2013 6:02AM DJIA Closes at Lowest Level Since July 3 (headline only)
17/08/2013 6:01AM U.S. Stocks Close Slightly Lower; Suffer Second-Straight Weekly Loss (headline only)
17/08/2013 6:01AM DJIA, S&P 500 Suffer Fifth Loss in Six Sessions (headline only)

[ Next Thread | Previous Thread | Next Message | Previous Message ]