Arab Today, arab today us stocks sag as consumer confidence slips
Last Updated : GMT 14:28:50
Arab Today, arab today
Arab Today, arab today

US stocks sag as consumer confidence slips

Arab Today, arab today

Arab Today, arab today US stocks sag as consumer confidence slips

US stocks
New York - AFP

US stocks fell modestly Friday as a key consumer confidence measure came in lower and the government confirmed that the economy contracted in the first quarter.

The Dow Jones Industrial Average lost 115.44 points (0.64 percent) to 18,010.68.

The broad-based S&P 500 shed 13.40 points (0.63 percent) at 2,107.39, while the tech-rich Nasdaq Composite Index fell 27.95 (0.55 percent) at 5,070.03.

Analysts said there was some disappointment with the economic news released Friday. The revised GDP figure for the first quarter, showing a 0.7 percent contraction, was not a surprise.

But perceptions of a rebound in growth since then were tempered by a fall in the May Chicago regional business activity index, into negative territory, and a sharp fall in the University of Michigan's consumer confidence index to 90.7 from 95.9 in April.

The market was also being cautious going into the weekend with no deal in sight in Greece's crunch bailout talks with official creditors.

"The consumer confidence and the Chicago PMI plunged a bit, and I think this is about Greece," said Peter Cardillo of Rockwell Global Capital.

"The fact that (IMF chief Christine) Lagarde yesterday indicated that there is the potential for Greece leaving the eurozone, that's on the mind on investors and ahead of the weekend, this is causing this decline."

Market action focused on Intel and Altera after a media report said Intel's bid for its chip-making rival is still alive. In April it was believed Altera rejected an offer reported as just above $50 a share.

Altera shares surged 4.0 percent to $48.85, while Intel was up 1.5 percent at $34.51.

Speculation on that deal came after Thursday's announcement that telecommunications chip specialist Broadcom would be acquired by Singapore-based Avago Technologies for $37 billion.

Otherwise losses came across the board, with Alibaba falling 1.8 percent, and AB InBev and Novartis both falling 1.5 percent.

Drug producer Merck bucked the trend with a 2.0 percent gain, after it announced it would partner with Amgen in work on developing two cancer drugs. Amgen shares lost 0.7 percent.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.10 percent from 2.13 percent Thursday, while the 30-year dropped to 2.85 percent from 2.89 percent. Bond prices and yields move inversely.

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 sag as consumer confidence slips Arab Today, arab today us stocks sag as consumer confidence slips

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 13:40 2017 Thursday ,23 February

Muscat Securities Market loses 17 points

GMT 13:18 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 05:51 2017 Thursday ,23 February

Saudi stocks edge up as Brent futures rebound

GMT 20:48 2017 Wednesday ,22 February

Dividend announcements drive Muscat bourse

GMT 16:56 2017 Wednesday ,22 February

Global gold prices drop

GMT 16:01 2017 Wednesday ,22 February

Tadawul edges down 0.2%

GMT 13:22 2017 Wednesday ,22 February

Canadian stock market closes at record high

GMT 11:50 2017 Wednesday ,22 February

Most Asia markets up as Hong Kong rebounds
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present 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