Arab Today, arab today us stocks sink on emerging markets turmoil fed stimulus cut
Last Updated : GMT 08:21:46
Arab Today, arab today
Arab Today, arab today

US stocks sink on emerging markets turmoil, Fed stimulus cut

Arab Today, arab today

Arab Today, arab today US stocks sink on emerging markets turmoil, Fed stimulus cut

New York - AFP

US stocks fell sharply Wednesday on worries over turbulence in emerging markets, a decline that steepened after the US Federal Reserve cut back its monetary stimulus for the second straight month. The Dow Jones Industrial Average slumped 189.77 points (1.19 percent) to 15,738.79. The broad-based S&P 500 fell 18.30 (1.02 percent) to 1,774.20, while the tech-rich Nasdaq Composite Index declined 46.53 (1.14 percent) to 4,051.43. Michael James, managing director of equity trading at Wedbush Securities, said the Turkish central bank's  doubling of its benchmark interest rate took investor concerns "to another level", prompting the retreat from stocks and other risky assets. A similar move in South Africa also failed to stem the erosion of its currency. After European stocks slumped, US stocks opened in the red and dropped further after the Fed announced that it will reduce asset purchases by another $10 billion in February to $65 billion, a decision that was widely expected. "People are edgy," primarily because of the uncertain outlook on emerging-market economies, said Peter Cardillo, chief market economist at Rockwell Global Capital. He said the Fed's move, as well as a mixed bag of earnings reports, were smaller factors in the sell-off. Dow component Boeing sank 5.3 percent after it forecast essentially flat earnings in 2014 due to modest increases in commercial airplane deliveries and lower revenues from US defense orders. AT&T fell 1.2 percent amid concerns that the company's outlook for cash flow had been cut. Morgan Stanley rated the company's lofty payouts to shareholders a "wide concern." Citigroup, which has a comparatively large presence in emerging markets, fell 3.1 percent on concerns about the outlook in these economies. JPMorgan Chase and Bank of America lost just 0.4 percent and 0.3 percent, respectively. Yahoo tumbled 8.7 percent after reporting a six percent drop during the fourth quarter in display ad revenue that has long been at the core of Yahoo's income. Dow Chemical shot up 3.9 percent after earnings of 65 cents per share bested the 43-cent analyst forecast. The company announced a 15 percent dividend increase and an expansion to its share buyback program from $1.5 billion to $4.5 billion. Bond prices rose sharply. The yield on the 10-year US Treasury fell to 2.68 percent from 2.75 percent Tuesday, while the 30-year declined to 3.62 percent from 3.67 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 sink on emerging markets turmoil fed stimulus cut Arab Today, arab today us stocks sink on emerging markets turmoil fed stimulus cut

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:44 2017 Sunday ,26 February

Doubts grow over American stock market’s surge

GMT 06:26 2017 Sunday ,26 February

Copper recovers lost ground

GMT 15:53 2017 Saturday ,25 February

Bahrain Bourse daily trading report

GMT 14:28 2017 Saturday ,25 February

Gold hits 3.5-month high

GMT 03:11 2017 Saturday ,25 February

50 Tunisian exhibitors at Gulfood 2017, Dubai

GMT 02:19 2017 Saturday ,25 February

SIEL expo, March 1-4

GMT 12:30 2017 Friday ,24 February

Norway's Telenor to leave Indian telecom market
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
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 Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
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 Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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