Arab Today, arab today us stocks fall on weak consumer confidence
Last Updated : GMT 11:14:33
Arab Today, arab today
Arab Today, arab today

US stocks fall on weak consumer confidence

Arab Today, arab today

Arab Today, arab today US stocks fall on weak consumer confidence

US stocks
New York - AFP

Wall Street stocks dropped into the red in early trade Friday following a weak US consumer confidence report.

About 35 minutes into trade, the S&P 500 was at 2,117.09, down 4.01 points (0.19 percent), retreating from Thursday's record high.

The Dow Jones Industrial Average fell 33.63 (0.18 percent) to 18,218.61 while the tech-rich Nasdaq Composite Index dropped 12.91 (0.16 percent) to 5,037.88.

US stocks opened higher, but slid into negative territory on news that the University of Michigan's US consumer sentiment index plummeted to 88.6 in May, down from 95.9 in April.

The drop is the biggest in two years and reflects "weaker current household finances and more pessimism over business conditions for the next year," said Nate Kelley of Moody's Analytics.

The gloomy report on consumer confidence came on the heels of government data Wednesday showing flat retail sales in April.

Netflix rose 3.8 percent following reports it is in talks with a Chinese partner backed by Alibaba founder Jack Ma to launch online video services in China.

Upscale department-store chain Nordstrom slipped 0.2 percent after forecasting 2015 earnings per share of $3.65-$3.80, in line with the analyst forecast of $3.79.

King Digital, which developed "Candy Crush" and other video games, fell 4.3 percent after reporting that first-quarter earnings rose 29 percent to $164.1 million. While the results were "solid," King needs another hit product, said Deutsche Bank.

Keurig Green Mountain sank 8.4 percent after announcing details of its upcoming "Keurig Kold" appliance, which makes sodas at home. Analysts expressed concern at the high price of the device, which initially will be sold for $299-$369, according to Morgan Stanley.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.19 percent from 2.24 percent Thursday, while the 30-year dropped to 2.98 percent from 3.06 percent. Bond prices and yields move inversely.

 

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 weak consumer confidence Arab Today, arab today us stocks fall on weak consumer confidence

 



Arab Today, arab today

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 weak consumer confidence Arab Today, arab today us stocks fall on weak consumer confidence

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
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