Stocks Finish Lower Ahead Of Thursday’s ECB Monetary Policy Meeting With Investors- Acadiana Business Index
- The Dow was up less than 12 points to 13047, the S&P 500 Index lost nearly 2 points to 1403 and the NASDAQ was lower by 5 points to 3069.
- Stocks spent the day toggling between gains and losses as investors weighed the prospects for ECB action to quell the euro zone debt crisis and a batch of disappointing economic data.
- On the data front, the euro zone’s PMI survey showed the region is headed back towards a recession and its periphery countries’ economic troubles are now beginning to affect Germany.
- In the Pac-Rim, China’s service industries expanded at a weaker pace in August and Australia’s economy slowed more than expected in the second-quarter on weaker housing and rising imports.
- As a result of the cautious tone, sector action was mixed as materials helped limit losses with Alcoa up 10 cents to $8.52, but industrials dragged on the market after FedEx cut its fiscal first-quarter guidance causing its shares to give up $1.74 to $85.80.
- Attention now turns to Thursday’s all-important ECB monetary policy meeting with investors hoping for an announcement of a bond-buying program to help lower the region’s surging borrowing costs.
- Overall, NYSE Composite volume totaled over 3.3 billion shares with decliners matching advancers. The NASDAQ was 5-4 negative on issues and even on volume.
- In fixed-income, Treasury yields rose from near one-month lows with the 10-year note down 5/32 to yield 1.59% and the 30-year bond lost 13/32 to yield 2.70%.
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