• Weak China Data, Ukraine Affect Markets

    NEW YORK, May 5, 2014 (AFP) – US stocks fell in early trade Monday, dragged down by escalating tensions in Ukraine as the country verges on civil war and disappointing manufacturing data from China.

    After an hour of trade, the Dow Jones Industrial Average was down 59.81 points (0.36 percent) to 16,453.08.

    The broad-based S&P 500 dropped 4.51 (0.24 percent) to 1,876.63, while the tech-rich Nasdaq Composite Index slumped 34.39 (0.83 percent) to 4,089.51.

    Over the weekend, clashes between pro-Russian separatists and Ukraine loyalists heated up in eastern Ukraine and “ignited concerns about the prospect of a civil war,” said Patrick O’Hare ofBriefing.com.

    “Those concerns, and worries about potential spillover effects, have weighed on European markets today and have helped exert some downward pressure” on Wall Street, he said.

    Also weighing on sentiment was HSBC’s worse-than-expected data on manufacturing in China, showing the sector contracted for a fourth consecutive month in April, analysts said.

    Dow member Pfizer shed 2.2 percent after first-quarter earnings beat Wall Street but sales disappointed. The largest US pharmaceutical company said it was continuing to push for a takeover of British rival AstraZeneca, which rejected its increased offer Friday.

    Retail giant Target announced that chief executive Gregg Steinhafel was stepping down, nearly five months after hackers stole data on potentially more than 100 million customers.

    Steinhafel, chief executive since 2008, will resign immediately as chief executive and chairman of the board. Chief financial officer John Mulligan has been appointed interim CEO, the company said. Target shares slid 2.9 percent.

    General Motors dropped 0.5 percent after issuing a recall of some sport utility vehicles over the weekend for a potential diesel fuel leak that could cause fire.

    Bond prices rose. The yield on the 10-year US Treasury edged up to 2.60 percent from 2.59 percent Friday, while the 30-year rose to 3.38 percent from 3.37 percent. Bond prices and yields move inversely.

    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

    Loading ... Loading …

    Comments are closed

  • The Ice House will present two nights of gut-busting laughter, when Frank Nicotero and Frances Dilorinzo co-headline on August 15 and 16....
    Happy New Year! Rose Parade Float Trophy Winners...
    The Greater Los Angeles County Vector Control District issued a warning to San Gabriel Valley residents to be on the lookout for an invasive species of insect called the Asian Tiger Mosquito (Ae. albopictus) which could be carrying a debilitating virus...
    It takes something extraordinary to keep me in San Marino at 8:00 p.m. on a Friday – a student performance or sporting event being the most common – but I admit to being a little bit of a curiosity seeker last weekend....
    Local fine artist Sam Nicholson is donating 25 percent of any of his paintings purchased by supporters of the Pasadena-headquartered non-profit Hillsides....
    Directory powered by Business Directory Plugin