We have updated our privacy policy and terms & conditions. Find out more here.
3
 

U.S. stocks decline amid U.S., euro zone worries; Dow Jones down 0.01%

By Investing.com  |  Stock Markets  |  Nov 13, 2012 02:51PM GMT  |   Add a Comment
 
AA
+
-

Investing.com - U.S. stocks opened lower on Tuesday, as ongoing concerns over U.S. fiscal policy and the handling of the debt crisis in the euro zone continued to weigh on investor confidence.

U.S. stocks decline amid U.S., euro zone worries; Dow Jones down 0.01%
During early U.S. trade, the Dow Jones Industrial Average dipped 0.01%, the S&P 500 index fell 0.17%, while the Nasdaq Composite index dropped 0.45%.

Sentiment slightly improved after German newspaper Bild reported earlier that Greece is to receive EUR44 billion of financial aid in one payment, citing German government sources.

Markets were jittery after euro zone finance ministers and the International Monetary Fund on Monday failed to agree on a long-term plan to reduce Greece's debt, preventing the disbursement of immediate aid to Athens.

Meanwhile, investors were also cautious amid ongoing concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.

In the tech sector, Microsoft and Google's Motorola Mobility unit were to square off on Tuesday at a trial with strategic implications for the smartphone patent wars and which could reveal financial information the two companies usually keep under wraps. Shares in Microsoft tumbled 3.64% as U.S. markets opened, while Google dropped 0.48%.

Meanwhile, Vodafone saw its U.S.-traded shares plummet 3,35% after the company posted a 1.4% fall in organic service revenue in the second quarter, due to a sharp slowdown in its southern European business.

The firm also wrote down the value of its business in Spain and Italy by USD9.3 billion and lowered its full-year outlook.

Financial stocks added to losses, as shares in Bank of America dropped 0.53% and Goldman Sachs retreated 0.78%, while Citigroup and JP Morgan tumbled 1.01% and 1.06% respectively.

Seprately, Goldman Sachs was reported to be quitting the South Korean asset management business, just five years after entering the highly competitive market.

On the upside, Home Depot surged 4.48% after reporting higher-than-forecast third-quarter earnings. The company also raised its outlook as the housing market continues to improve.

Fashion house Michael Kors Holdings rallied 4.09%, even as it forecast profits for the holiday quarter that missed Wall Street's high expectations, despite projections for another quarter of strong revenue growth.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 fell 0.24%, France’s CAC 40 dropped 0.42%, Germany's DAX retreated 0.66%, while Britain's FTSE 100 declined 0.39%.

During the Asian trading session, Hong Kong's Hang Seng Index tumbled 1.13%, while Japan’s Nikkei 225 Index fell 0.18%.

Later in the day, the U.S. was to release official data on the federal budget balance.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg