Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a733857

Overnight Markets: S&P 500 ends rally on P&G outlook

by Himanshu Singh on Feb 13, 2014 at 03:27

Overnight Markets: S&P 500 ends rally on P&G outlook

The Standard & Poor's 500 Index declined on Wednesday following a four-day rally after Procter & Gamble slashed its outlook, though some positive earnings limited the decline optimism about economic growth.

The Dow Jones industrial average slipped 31 points, or 0.19%, to end at 15,964. The S&P 500 Index closed flat at 1,819. The Nasdaq Composite Index gained 10 points, or 0.24%, to close at 4,201.

The Dow felt the pressure when Procter & Gamble declared lower full-year earnings and sales outlook due to the devaluation of currencies in various developing markets. Shares of P&G (PG.N) lost 1.7%.

Optimism the economy can weather further stimulus cuts after comments by Federal Reserve Chair Janet Yellen limited the decline.

The Nasdaq gained for a fifth straight session after TripAdvisor Inc (TRIP.O) climbed 7.2% a day after the travel website company reported revenue that beat expectations.

In other earnings news, Owens Corning (OC.N) shares surged 8.7% after the building products maker reported adjusted fourth-quarter profits that more than tripled, driven by a rebound in the US housing market.

After the market closed, Cisco Systems Inc (CSCO.O) shares fell 4.2% after the network equipment maker reported a decline in revenue, though the decline was less than expected.

Whole Foods Market Inc (WFM.O) shares lost 6.4% after the largest US natural and organic grocery chain cut its full-year sales and profit view.

NetApp Inc (NTAP.O) shares fell 3.7% in extended-hours trading following the company's release of quarterly results after the market closed.

Amazon.com Inc (AMZN.O) was down 3.5% after UBS downgraded the stock of the world's largest online retailer to "neutral".

Sign in / register to view full article on one page

leave a comment

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

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet