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

View the article online at

Overnight Markets: US stocks snap six-day winning streak

by Himanshu Singh on Apr 24, 2014 at 04:16

Overnight Markets: US stocks snap six-day winning streak

Wall Street declined on Wednesday to snap a six-session winning streak as reports showed weakness in home sales and global manufacturing.

The Dow Jones industrial average declined 13 points or 0.08%, to end at 16,502. The S&P 500 lost four points or 0.22%, to 1,875. The Nasdaq Composite dropped 34 points or 0.83%, to 4,127.

In economic news, new home sales tumbled more than expected to an eight-month low in March. The PHLX housing sector index fell 1.1%, with D.R. Horton Inc (DHI.N) off 2.2%.

In China, manufacturing is contracting for a fourth month, according to a preliminary survey from HSBC Holdings Plc and Markit Economics Ltd.

AT&T Inc (T.N) fell 3.8% a day after the Dow component reported earnings that beat expectations, offset by weak service revenue growth.

Verizon Communications (VZ.N) shed 1% while the S&P telecom sector index dropped 2.2%, easily making it the session's worst-performing sector.

Biotech shares pulled the Nasdaq lower. Amgen Inc (AMGN.O) slid 5%, a day after earnings missed forecasts. On the positive side, Gilead Sciences Inc (GILD.O) rose 1.4% and Illumina Inc (ILMN.O) gained 3.9% after the companies posted results late Tuesday.

Boeing Co (BA.N) reported first-quarter revenue that beat expectations and lifted its core earnings forecast to reflect a tax settlement gain, sending its stock up 2.4%.

After the closing bell, Apple Inc jumped 7.3% after the iPhone maker reported quarterly results, approved a seven-for-one stock split and expanded its share-buyback authorisation by $30 billion.

In another big move after the close, Facebook Inc (FB.O) gained 4.8% after its mobile advertising business continued to accelerate in the first three months of the year, helping the social networking company top Wall Street's revenue target.

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:


On the road

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

Sorry, this link is not
quite ready yet