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

U.S. stocks slip lower in light trade; Dow Jones down 0.09%

Stock MarketsMar 12, 2013 01:43PM GMT Add a Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
Investing.com - U.S. stocks opened lower in light trade on Tuesday, as recent U.S. data fuelled speculation over an earlier-than-expected end to the Federal Reserve’s easing program.

During early U.S. trade, the Dow Jones Industrial Average edged down 0.09%, the S&P 500 index slipped 0.12%, while the Nasdaq Composite index fell 0.22%.

Data on Friday showed that the U.S. economy added 236,000 jobs last month, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.

Meanwhile, market sentiment remained under pressure amid concerns over the economic outlook for the euro zone, while worries over ongoing political uncertainty in Italy also weighed.

In the rech sector, Apple dropped 0.81% after Jefferies cut its target price on the iPhone maker to USD420 from USD500.

The stock had climbed on Monday amid rumors the next iPhone will include a fingerprint sensor and a near-field communications chip for mobile payments.

Hewlett-Packard slipped 0.29%, following reports the U.K. Serious Fraud Office opened an investigation into allegations of wrongdoing by managers at Autonomy Corp., the software maker acquired and later written down by Hewlett-Packard.

Adding to losses, RadioShack plunged 6.03% after Goldman Sachs downgraded the electronics retailer to "sell" from "neutral," calling the business model "challenged".

Financial stocks were also broadly lower, as shares in Goldman Sachs dipped 0.01% and Bank of America edged down 0.08%, while JP Morgan and Citigroup retreated 0.22% and 1.03% respectively.

On the upside, Costco Wholesale rallied 1.62% after posting higher-than-expected earnings, thanks to its membership fee increase.

Separately, Yum Brands surged 4.05% after saying same-store sales in China rose 2% in February, compared to expectations for a 9% decline. The company also posted a 20% decline in the first quarter, less than the 25% drop the company had previously estimated.

Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 eased 0.03%, France’s CAC 40 added 0.14%, Germany's DAX dipped 0.02%, while Britain's FTSE 100 edged 0.17% higher.

During the Asian trading session, Hong Kong's Hang Seng Index dropped 0.87%, while Japan’s Nikkei 225 Index slipped 0.28%.

U.S. stocks slip lower in light trade; Dow Jones down 0.09%

Related Articles

Target Speeds Up Its Exit From Canada
Target Speeds Up Its Exit From Canada
By International Business Times - Mar 29, 2015

By Aaron Morrison - Target Corp. (NYSE:TGT) will bid a final farewell to Canadians sooner than it originally planed. By mid-April all 133 locations in the country will be shut...

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?
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?

Successfully Reported

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