U.S. stocks fell as
results at companies from Morgan Stanley to Johnson & Johnson
disappointed investors and the International Monetary Fund lowered its
outlook for global growth.
Johnson & Johnson
tumbled 3.4 percent after forecasting lower earnings in 2015 as
competition cuts into revenue for some of its best-selling drugs. Morgan
Stanley slipped 1.5 percent after profit missed analysts™ estimates.
Energy shares declined 0.8 percent as oil futures tumbled 3.9 percent. A
gauge of homebuilders retreated 3.1 percent, after plunging almost 7
percent last week.
The Standard &
Poor™s 500 Index dropped 0.6 percent to 2,007.22 at 12:01 p.m. in New
York. The Dow Jones Industrial Average lost 139.61 points, or 0.8
percent, to 17,371.96. The Russell 2000 Index tumbled 1.2 percent.
Trading in S&P 500 companies was 20 percent above the 30-day average
for this time of the day. U.S. exchanges were closed yesterday for
Martin Luther King Day.
The S&P 500
slipped 1.2 percent last week, even with a 1.3 percent rally on Friday,
as falling oil, shrinking earnings estimates and concern that slowing
global growth will hurt the U.S. economy led to selling. The index is
down 2.5 percent for the year.
Source : Bloomberg
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