Thursday, 27 April, 2017

Stocks open lower on Wall Street

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Heather Davidson | 03 March, 2017, 00:09

Nineteen of 30 Dow members finished in negative territory.

The Dow Jones Industrial Average was down 25 points, or 0.12%, to 20,812, the S&P 500 had lost six points, or 0.26%, to 2,364 and the Nasdaq Composite had dropped 36 points, or 0.62%, to 5,825.

The Dow's record-setting run finally came to an end Tuesday, as stocks ran into stiff resistance ahead of planned remarks from President Trump.

Also weighing on sentiment was data that showed U.S. economic growth slowed in the fourth quarter.

However, clouding the issue, the U.S. fourth-quarter gross domestic product reading remained unchanged at 1.9% to miss expectations of a 2.1% upward revision.

Philadelphia Fed President Patrick Harker is due to address the economic outlook at Temple University at 3 p.m.

"Sentiment keeps improving", McMillan said.

The ISM said its purchasing managers index climbed to 57.7 in February from 56.0 in January, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to edge down to 110.9.

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On the currency markets, the dollar rose 0.2 percent against the yen, while the British pound hit a six-week low of $1.2261 following renewed Brexit fears and disappointing data out of the United Kingdom on Wednesday. The index fell to its lowest closing level in nearly a month.

Utilities posted some of the biggest losses in early trading.

Target tumbled after the retailer fell short on revenue and earnings forecast.

Overseas markets also reacted positively.

In Hong Kong, the Hang Seng index was up 0.19%.

Elsewhere, benchmark indexes in Indonesia and Malaysia were up more than 1 percent. A key dollar index dipped 0.1% on the day.

In the bond market, treasuries moved back to the upside following the pullback seen in the previous session. The S&P is up about 10.5 percent since the November 8 election. He noted Trump floated the idea of as much as $1 trillion in infrastructure investment, though that will be hard to get approved by Congress. Personal income rose 0.4% in January, which was above expectations; while consumer spending slowed down.

Chinese shares bucked the regional trend to end lower after a string of hawkish remarks from Federal Reserve officials stirred concerns that an interest rate hike in the USA could trigger fresh capital outflows and hurt domestic liquidity.

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