New Model Adviser - For professional financial planners

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.
6545.27 + 79 1.23% 04:35

Overnight Markets: US stocks retreat amid lack of new catalysts

Overnight Markets: US stocks retreat amid lack of new catalysts

Wall Street fell on Monday after a six-week rally at the Standard & Poor’s 500 Index as investors found few reasons to keep pushing shares higher.

The Dow Jones industrial average was down 22 points, or 0.16%, at 13,971. The Standard & Poor's 500 Index was down one point, or 0.06%, at 1,517. The Nasdaq Composite Index was down two points, or 0.06%, at 3,192.

Shares traded slightly lower throughout the session but regained in the final hours after Google Inc rebounded off earlier losses. Shares of the Internet search giant dipped 0.4%, recovering from earlier plunge of 1%, after it said in a filing former chief executive Eric Schmidt is selling roughly 42% of his stake in the company.

Apple Inc gained 1% after a report said that the iPhone maker was experimenting with the design of a device similar to a wristwatch.

President Barack Obama is scheduled today to explain his plan for spurring the economy in his State of the Union address. He is likely to offer proposals for investment in infrastructure, manufacturing, clean energy and education.

In Europe, finance ministers from the 17-member euro area were scheduled to meet today in Brussels to discuss aid to Cyprus and Greece.

Shares of Regeneron Pharmaceuticals Inc gained 2.7% after it said longtime drug development partner Sanofi plans to boost its stake.

BlackBerry shares slid 4.6% after Home Depot Inc. said it will exchange 10,000 BlackBerry models with iPhones.

AOL Inc. jumped 7.4% after an analyst recommended investors buy the shares.

Green Mountain Coffee Roasters Inc. slipped 4.5% after the maker of Keurig brewers and single-serve pods was cut to neutral from buy at Dougherty & Co.

Financial shares were the biggest gainers, with Citigroup adding 1.1% and Wells Fargo & Co. advancing 1.1%.

In Asia, shares gained on Tuesday in afternoon trade after Haruhiko Kuroda, a contender for Bank of Japan governor, said extra monetary easing can be justified this year.

The MSCI Asia Pacific Index gained 0.3% to 133 as of 12:40 p.m. in Tokyo. Japan’s Nikkei 225 Stock Average gained 2.4%, while Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 Index rose 0.1%. South Korea’s Kospi Index reversed gains, falling 0.2%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.