Arab Today, arab today us markets little changed after q4 growth downgrade
Last Updated : GMT 08:46:22
Arab Today, arab today
Arab Today, arab today

US markets little changed after Q4 growth downgrade

Arab Today, arab today

Arab Today, arab today US markets little changed after Q4 growth downgrade

5 minutes into trade, the Dow Jones Industrial Average fell 15.77 points
New York - AFP

Wall Street stocks fell slightly in early trade Friday after a downward revision to fourth-quarter US economic growth came in less severe than expected.
Thirty minutes into trade, the Dow Jones Industrial Average was down 23.29 points (0.13 percent) at 18,191.13.
The broad-based S&P 500 shed 1.07 (0.05 percent) at 2,109.67, while the tech-rich Nasdaq Composite Index lost 3.45 (0.07 percent) at 4,984.44.
The official estimate of US growth in the October-December quarter was revised to 2.2 percent from the initial estimate of 2.6 percent. A sharper cut had been expected by markets.
After the third quarter's 5.0 percent pace, "the trend is probably somewhere in the middle -- at least 3 percent," said Jim O'Sullivan at High Frequency Economics.
Bank of America stumbled 1.7 percent to $15.77 after UBS cut its price target for the shares to $16 from $20.
Herbalife, the embattled direct marketer of nutrition supplements, fell 2.4 percent after a fourth-quarter report that showed strong profits but lower-than-expected revenues.
Clothing retailer The Gap surged 3.3 percent after the board of directors announced a dividend increase and added $1 billion to its share buyback program.
Gap, the owner of the Banana Republic and Old Navy brands, said its fourth-quarter earnings were up 10 percent from a year before, and slightly above forecasts.
The company forecast a fall in 2015 full-year earnings per share to $2.75-$2.80 compared with $2.87 in 2014, blaming challenging currency fluctuations and the impact of the three-months long West Coast ports strike that ended on Saturday.
Bond prices were lower. The yield on the 10-year US Treasury rose to 2.02 percent from 1.99 percent Thursday, while the 30-year advanced to 2.62 percent from 2.59 percent. Bond prices and yields move inversely.

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Arab Today, arab today us markets little changed after q4 growth downgrade Arab Today, arab today us markets little changed after q4 growth downgrade

 



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