Investors take a breath as U.S. Stocks end winning streak

Investors take a breath as U.S. Stocks end winning streak

224
0
SHARE

The stock exchanges in New York saw tiny losses at the end of trading on Tuesday, while Dow-Jones Index and S & P 500 earlier notched new records. Losses at the financial sector caused a headwind. In addition, there was a considerable amount of financial results.

The Dow finally ended 0.2 percent lower at 22,085.34 points. The index closed on record for the ninth trading session on Monday. The broad-based S&P 500 dropped 0.2 percent to 2474.92 points, and the Nasdaq dropped 0.2 percent to 6370.46 points.

Investors also reacted to North Korea fears. President Donald Trump warned North Korea, saying that any provocation and threats “will be met with fire and fury.”

“Trump’s response was aggressive and that’s why the market turned lower,” said Ken Polcari, a director at O’Neil Securities.

“We are encouraged by our first-quarter performance, although we continue to believe that fiscal 2018 will be a transition year for our company, as we focus on laying the foundation for the future by executing on our strategic plan,” he said.

Heavyweight Apple could have provided some support for trading with a 0.8 percent rise in prices. Microsoft also managed to avoid market selloff with a 0.5 percent increase. However, banks such as Goldman Sachs and JPMorgan Chase saw earlier gains in the air on reports that California insurance regulator has ordered probe of Wells Fargo & Co. and an insurance company auto policies.

Pharmaceutical giant Valeant grew 2 percent after news hit the market that the company recorded lower sales in the second quarter, but saw the operating loss significantly lower. Fashion chain Michael Kors jumped almost 22 percent, after better than expected results. Clothing company Ralph Lauren, with its figures, also brought cheers to investors and increased by more than 13 percent.

SeaWorld Entertainment shares lost more than 6 percent. The stock came in under pressure after a decline in the number of visitors during the first half of this year and a reduction in earnings forecast for the whole year.

US dairy group Dean Foods dropped almost 21 percent as its quarterly earnings fell, and the stock received a downgrade from JPMorgan. Also, the figures and forecasts of car rental company Avis were disappointing and that share trimmed 10 percent.

In the macroeconomic area, the US government reported that the number of vacancies in the US rose in June to record of almost 6.2 million. Furthermore, there was hardly any significant economic news available.

NO COMMENTS

LEAVE A REPLY