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Overnight Markets: Dow Jones snaps 7-day winning streak
Travel related stocks plunge as investors grappled with the fallout from deadly terrorist attacks in Brussels.
US stocks pared losses to end slightly lower on Tuesday as a decline in financial and consumer-staples shares weighed on the main benchmarks.
The Dow Jones Industrial Average snapped a seven-session winning streak, dropping 41 points, or 0.2%, to 17583 after falling more than 83 points earlier in the session. The S&P 500 fell two points, or 0.1%, to 2050, while the Nasdaq Composite rose 13 points, or 0.3%, to 4822.
Wall Street spent most of the session lower as investors grappled with the fallout from deadly terrorist attacks in Brussels that left at least 34 people dead and scores wounded.
Travel related stocks fell more than the broader market after a series of bombings in Belgium. In the US, Delta Air Lines shares fell 1.5%, while American Airlines Group dropped 1.6%. Royal Caribbean Cruises lost 2.9%, while competitor Carnival fell 2.1%.
UK-based G4S, the world’s largest security company, was down 2.4% on the day.
A slide in consumer staples, led by Mondelez International Inc., off 1.9%, put pressure on the broad-market index.
Apple Inc. rose 0.8% despite the fact that some analysts said the iPhone maker’s product event on Monday was underwhelming.
Cisco Systems Inc. lost 0.3% after the maker of networking gear on Monday announced a set of executive shifts.
Nike Inc., software maker Red Hat Inc., and Krispy Kreme Doughnuts Inc. are among the companies expected to report quarterly results after the closing bell.
On the economic front, a reading on US manufacturing showed that American manufacturers grew slightly faster in March, but many companies said demand was subdued and some were still trying to work off excess inventories.
In Asia, shares were down on Wednesday morning, following Wall Street overnight, as fallout from the terrorist attacks in Belgium continue to rock global markets.
The Japanese benchmark Nikkei 225 index fell 0.04% after finishing nearly 2% higher Tuesday. Across the Korean Strait, the Kospi declined 0.13%, while Hong Kong's Hang Seng index fell 0.24%.
Chinese markets were positive, with the Shanghai composite shed 0.12%. Australia's ASX 200 index was down 0.50%.
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by Gavin Lumsden on Jan 20, 2017 at 17:01