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.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor