New York City (AFP) - US stocks ended lower Wednesday, a decline that analysts attributed to a mix of profit-taking and a couple of prominent earnings disappointments.
At the closing bell, the Dow Jones Industrial Average dropped 54.33 points (0.35 percent) to 15,413.33.
The broad-based S&P 500 slid 8.31 (0.47 percent) to 1,746.36, while the tech-rich Nasdaq Composite Index declined 22.49 (0.57 percent) to 3,907.07..
Wednesday's losses came on the heels of a winning streak in recent days that has seen the S&P 500 gain 6 percent.
"We had some disappointing earnings here in the US but I think it's more a function of how much we've been up all across the board, a natural breathing after a very strong rally," said Alec Young, a global equity strategist at S&P Capital IQ.
But Alan Skrainka, chief investment officer at Cornerstore Wealth Management, said weak earnings reports from Dow component Caterpillar and Broadcom exacerbated anxiety in the wake of the recent partial US government shutdown.
"There's a general sense that economic momentum has slowed and people are wondering just how much of an impact the debt negotiations in Washington had on the economy," Skrainka said.
- Finance
- Investment & Company Information
Similar Articles: calvin johnson Dusty Baker Christopher Lane hell on wheels the bachelorette
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.