AFP – US stock markets fell Wednesday after three straight days of gains, as mixed company news highlighted weakness in the US and global economies.
Wall Street clawed back from opening losses in the first 45 minutes of trade (1415 GMT), putting the blue-chip Dow Jones Industrial Average down 2.27 points, or 0.02 percent, to 13,166.33.
The tech-rich Nasdaq shed 4.42 (0.15 percent) at 3,011.44, while the S&P 500-stock index dipped 1.55 (0.11 percent) to 1,399.80.
“Mixed quarterly results from Dow member Walt Disney Co., as well as lackluster July same-store sales from fellow Dow component McDonald’s Corp., are weighing on the blue-chip index,” Charles Schwab & Co. analysts said.
Disney posted a record $1.83 billion profit for its fiscal third quarter ending June 30, beating expectations, but revenue growth missed estimates. Shares in the media and theme-park giant rose 0.2 percent.
McDonald’s slid 2.3 percent after reporting global same-store sales — sales in stores open at least a year — were flat in July.
The fast-food chain said US sales suffered from a sluggish economy and Europe’s sales were hit by weakness in Germany and several southern European markets “amidst an increasingly difficult environment.”
Hewlett-Packard surged 2.9 percent. The world’s biggest personal computer maker said it would take an $8 billion third-quarter charge to write down services goodwill, but raised its earnings forecast excluding one-time items.
The economic calendar was light. The Labor Department reported US nonfarm productivity grew at an annual rate of 1.6 percent in the second quarter, rebounding from a slight dip in the first quarter and in line with forecasts.
On Tuesday, US stocks rallied on hopes for more stimulus from the Federal Reserve and the European Central Bank to boost weak economies. The Dow gained 0.4 percent.
Bond prices rose. The 10-year Treasury yield edged down to 1.62 percent from 1.63 percent Tuesday, while the 30-year fell to 2.70 percent from 2.72 percent. Bond yields move inversely to prices.
Source: http://sg.finance.yahoo.com/news/us-stocks-drop-mixed-company-134303087.html
Notice:
You can find more and more rubber news at:
globalrubbermarkets.com
Rubber Markets News, Rubber Prices Reports, Rubber Market Analytics & Outlook Reports
Related posts:
- European stocks mixed ahead of U.S. growth data; DAX down 0.45%
- European stocks mixed in cautious trade; DAX up 0.03%
- European stocks mixed after ECB rate cut; DAX up 0.22%
- US stocks soar on ECB rescue hopes; Dow up 1.7%
- Asian markets mixed before ECB meeting
- Asian stocks higher on Japan economic news
- US stocks in red ahead of Fed meeting
