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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".

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