Arab Today, arab today us stocks fall on fear of strong dollar greek turmoil
Last Updated : GMT 03:50:47
Arab Today, arab today
Arab Today, arab today

US stocks fall on fear of strong dollar, Greek turmoil

Arab Today, arab today

Arab Today, arab today US stocks fall on fear of strong dollar, Greek turmoil

New York Stock Exchange
New York - AFP

Strong earnings from Apple, Boeing and some others were not enough this week to offset Wall Street angst over the strong dollar, crashing oil prices and the Greek election.
US equities finished firmly lower, with the Dow Jones Industrial Average tumbling 507.65 points (2.87 percent) to 17,164.95.
The broad-based S&P 500 fell 56.83 (2.77 percent) to 1,994.99, while the tech-rich Nasdaq Composite Index gave up 122.64 (2.58 percent) at 4,635.24.
Volatility has picked up considerably in recent weeks in equity markets, with daily swings in the Dow of 100 points or more an increasingly frequent occurrence.
"You really have a lot of issues on investors' plates," said Mace Blicksilver, director of Marblehead Asset Management. "Unstable is the only way to describe it."
Blicksilver is in the camp of analysts who see parallels between current economic conditions and those of the late 1990s, when a big drop in oil prices and a surging dollar preceded a correction in equity markets.
This week, oil prices fell to fresh multi-year lows after US crude inventories hit a record peak.
US oil prices jumped more eight percent Friday in a surge that underscored that volatility is not limited to stocks. Major cuts in capital spending by Chevron, ConocoPhillips and others raised concerns over the impact on jobs and key petroleum-oriented economies, like Texas.
- Strong dollar weighs -
The dollar moved generally higher following a US Federal Reserve statement Wednesday that said US economic activity was expanding at a "solid" pace and kept alive the chance of an interest rate increase in 2015.
The dollar also came into sharp focus after Dow members Microsoft, Procter & Gamble and others cited the strong greenback as a factor in weak earnings, pressuring stocks.
P&G finished the week 6.4 percent lower after it said 2015 earnings would drop at least $1.4 billion due to currency effects. Microsoft ended the week 14.4 percent lower.
Adding to the worries was the election Sunday of the hard-left Syriza party in Greece, which has pledged to fight austerity measures imposed by international lenders.
Greek officials refused to meet European Union and International Monetary Fund officials and rejected fresh loans needed to keep the government running.
Stocks also reacted negatively after the Commerce Department's estimated fourth-quarter economic growth at 2.6 percent, a steep decline from the robust 5.0 percent level in the prior quarter.  
There were strong aspects to the report, such as a sharp pickup in personal consumption spending. But investors reacted more to a drop in business investment, as well as to a duller headline number.
"Some people were a little overexcited and thought that the trajectory of growth in the US economy was going to be faster" after two strong quarters, said Scott Wren, senior equity strategist at Wells Fargo Advisors.
"Things are good, not great," he said. "Growth is modest."
Wren expressed confidence that the US stock market will post solid gains in 2015. He dismissed the recent market retreat as nothing more than "noise."
Market bulls could point to some positive data, including the highest reading for US consumer confidence in more than seven years. There were also some strong earnings reports.
Apple surged 7.3 percent after it announced record $18 billion profits for the December quarter on blockbuster sales of its big-screen iPhone models, especially in China.
Boeing was among the other standouts, soaring 9.7 percent on better-than-expected earnings and forecasting more strong growth for commercial airplanes.
Next week's earnings schedule includes oil giant ExxonMobil, General Motors and Twitter. A heavy calendar of economic reports includes the January jobs report from the US Department of Labor.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us stocks fall on fear of strong dollar greek turmoil Arab Today, arab today us stocks fall on fear of strong dollar greek turmoil

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us stocks fall on fear of strong dollar greek turmoil Arab Today, arab today us stocks fall on fear of strong dollar greek turmoil

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday