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U.S. stocks lower amid Fed jitters; Dow Jones down 0.49%
Published May 29, 2013 09:40AM ET
During early U.S. trade, the Dow Jones Industrial Average declined 0.49%, the S&P 500 index dropped 0.51%, while the Nasdaq Composite index slid 0.40%.
Data on Tuesday showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.
The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.
A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.
The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year.
Among pharmaceutical companies, Omthera Pharmaceuticals fell 0.30% after AstraZeneca agreed on Tuesday to buy the company for USD443 million. U.S.-traded shares of AstraZeneca retreated 0.94% following the news.
On the upside, Apple saw shares advance 0.66% after the company's Chief Executive Officer Tim Cook said he expected the iPhone maker to release "several more game changers", hinting that wearable computers could be among them.
Adding to gains, Smithfield Foods skyrocketed 24.61% after China's Shuanghui International agreed to acquire the beef and pork producerfor USD4.7 billion in cash.
Meanwhile, financial stocks were mostly higher, as Citigroup rose 0.29% and Goldman Sachs gained 0.36%, while Bank of America edged up 0.30%.
Morgan Stanley added 0.38% amid reports it is trying to raise USD1 billion to USD3 billion for a new global real estate fund.
Among earnings, Chico's reported weaker-than-expected quarterly results, hurt by an unusually cooler spring and increased promotions, sending shares down 6.10%
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1.16%, France’s CAC 40 plummeted 1.30%, Germany's DAX slumped 1.34%, while Britain's FTSE 100 plunged 1.59%.
During the Asian trading session, Hong Kong's Hang Seng Index dove 1.61%, while Japan’s Nikkei 225 Index retreated 0.86%.
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