Tuesday, May 26, 2015   

Wall Street turns to earnings, closes lower
(01-09 08:59)

The US stock market stumbled Wednesday as investors awaited the jobs report Friday and the beginning of quarterly earnings releases from corporate America.
Traders put aside a positive report that showed private employers created more jobs in December than economists had expected. The market had a muted reaction to the minutes from the Federal Reserve's mid-December policy meeting.
Declines extend what has been a muddled start to 2014. Both the Dow Jones industrial average and the Standard & Poor's 500 index are down a little less than 1 percent after five days of trading, AP reports.
The tough start should be taken in context of last year's exceptional performance, when the S&P 500 surged almost 30 percent.
Big, publicly traded U.S. companies will start reporting their quarterly financial results Thursday.
“The question is whether this strengthening economy is translating into stronger corporate earnings,'' said Russ Koesterich, global chief investment strategist at the investment firm BlackRock.
Dow member and oil giant Chevron will report after the closing bell Thursday, as well as former Dow member and aluminum company Alcoa. Next week investors will have results from Goldman Sachs, JPMorgan Chase, General Electric and American Express.
“Earnings will determine what's next for the stock market,'' said Lawrence Creatura, a portfolio manager with Federated Investors.
Another theme on investors' agendas is jobs.
A private survey released Wednesday showed US businesses added the most jobs in a year in December, powered by a big gain in construction work. Payroll processor ADP said companies added 238,000 jobs in December, better than the 200,000 economists predicted.
The ADP data sets the stage for Friday's government jobs report. Investors expect the US economy created 190,000 jobs last month and the unemployment rate remained steady at 7 percent.
The Dow lost 68.20 points, or 0.4 percent, to 16,462.74. The losses erased more than half of the 105-point gain the index had on Tuesday.
The S&P 500 fell 0.39 points, or less than 0.1 percent, to 1,837.49 and the Nasdaq composite rose 12.43 points, or 0.3 percent, to 4,165.61.
S&P Capital IQ's Alec Young said he expects the stock market will ``churn'' at these levels into next week, once investors have earnings and Friday's jobs report to analyze.
   
Other Business breaking news:
Charter creates cable behemoth through Time Warner deal (16 mins ago)
EU urges quick deal on Greece bailout (20 mins ago)
Greedy, manipulative British ‘ringmaster’ at UBS rigged Libor to make piles of money, court told (25 mins ago)
D&G Technology says public float 162 times oversubscribed (1 hr 25 mins ago)
S&P downgrades Sunac China (1 hr 35 mins ago)
Apple's Jonathan Ive promoted to head of design (1 hr 36 mins ago)
IMF urges rapid moves on greater exchange rate flexibility, says yuan not undervalued (2 hrs 23 mins ago)
Hang Seng, Shanghai rally (05-26 16:19)
European stocks up at open (05-26 16:04)
Reserve ratio or interest rates cuts more likely in June: analysts (05-26 15:57)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.