U.S. stocks slipped,
retreating from a three-month high, after data on payrolls and remarks
from Federal Reserve Chair Janet Yellen lifted bets that the central
bank is closer to raising interest rates.
Earnings results were
influencing some of the biggest movers in the Standard & Poor’s 500
Index. Time Warner Inc. and 21st Century Fox Inc. fell at least 6
percent, weighing on media companies after their results disappointed.
Motorola Solutions Inc. lost 6.5 percent after its outlook was short of
estimates. Michael Kors Holdings Ltd. jumped 11 percent after its profit
topped estimates.
Yellen, speaking
before the House Financial Services Committee, said no decision has been
made yet on adjusting interest rates at the December meeting. Should
data show the economy is growing at a pace sufficient to generate
further improvements in labor markets and boost inflation, she repeated
that a boost is “live possibility.”
The S&P 500
slipped 0.4 percent to 2,102.44 at 12:44 p.m. in New York, after
yesterday reaching its highest since July. The Dow Jones Industrial
Average declined 52.78 points, or 0.3 percent, to 17,865.37. The Nasdaq
Composite Index fell 0.1 percent.
Source : Bloomberg
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