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Overnight Markets: US stocks fall to close weak February
Shares gave up early gains yesterday despite a 3% rally in US oil prices.
Wall Street ended lower on Monday, with the Standard & Poor’s 500 Index erasing a February gain, despite a rally in crude oil and as energy and healthcare shares lost ground.
The Dow Jones industrial average fell 0.74% to 16,517 points and the S&P 500 lost 0.81% to 1,932. The Nasdaq Composite fell 0.71% to 4,558. For the month, the Dow rose 0.3%, the S&P 500 lost 0.4% and the Nasdaq lost 1.2%.
Stocks gave up early gains yesterday despite a 3% rally in US oil prices. Worries about China, a factor behind steep market declines earlier this year, persisted on Monday after officials guided the Chinese currency lower and the central bank cut its reserve requirements to free up funds for banks to make loans.
Nine of the 10 major S&P sectors fell, led by a 1.58% decline in the healthcare sector, with Amgen Inc (AMGN.O) down 3.60%.
The energy index was down 1.16% despite a 3% increase in the price of US oil amid signs that a 20-month selloff could be hitting bottom.
The S&P utilities index was the lone gainer, up 0.2% and helped by a 1.34% increase in Edison International (EIX.N).
After the bell, Workday (WDAY.N) fell 1% as the cloud-computing company reported a bigger quarterly net loss, hurt by higher spending on sales, marketing and product development.
Shares of Endo International (ENDP.O) slumped 21% after the pharmaceutical company's revenue forecast missed estimates.
Valeant (VRX.N) tumbled 18.41% after the Canadian drugmaker said its chief executive would return from medical leave and it delayed the release of its quarterly results.
Icahn Enterprises (IEP.O) rose 3.68% after the activist investor offered to buy the rest of Federal Mogul (FDML.O). Shares of the auto parts maker soared 45.78%.
In Asia, shares oscillated between gains and losses on Tuesday in late morning trade as continuing strength in the yen pressured Japanese shares while investors weighed disappointing China manufacturing data against the nation’s stimulus efforts.
The MSCI Asia Pacific Index climbed 0.1% to 119 as of 11:39 a.m. in Tokyo, after dropping 0.1%. Japan’s Topix index lost 0.7%. The Shanghai Composite Index added 0.7%, while the Hang Seng Index gained 0.7%.Australia’s S&P/ASX 200 Index rose 0.1% and New Zealand’s S&P/NZX 50 Index climbed 0.2%. Singapore’s Straits Times Index dropped 0.2% and Taiwan’s Taiex Index rose 0.6%. South Korea is closed for a holiday.
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by Michelle McGagh on May 25, 2016 at 11:21