Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a655294
Overnight Markets: Wall Street falls as investors weigh data
by Himanshu Singh on Feb 01, 2013 at 03:26
Wall Street declined on Thursday, with the Dow Jones industrial average trimming the best January rally since 1994, on caution ahead of Friday's all-important jobs report and amid disappointing earnings.
The Dow was down 50 points, or 0.36%, at 13,861. The Standard & Poor's 500 Index was down four points, or 0.26%, at 1,498. The Nasdaq Composite Index was little changed at 3,142.
For the month, the benchmark S&P 500 advanced 5.1%, the biggest monthly gain since October 2011, as lawmakers agreed on a budget compromise and companies reported better-than-estimated earnings. The Dow gained 5.8%, the biggest January gain since 1994. The Nasdaq rose 4.1%.
Shares fell on Thursday as investors looked forward to January's employment figures on Friday. Economists polled by Reuters expect non-farm payrolls to show employers added 160,000 jobs compared with a rise of 155,000 in December.
In a separate report, the Commerce Department said American incomes gained 2.6% last month, the biggest increase since December 2004.
Government will also release today reports on consumer confidence, US manufacturing, construction spending and car sales.
Qualcomm jumped 3.9%, limiting losses on the Nasdaq, after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue and raised its targets for the year.
Facebook shares fell 0.8% after falling as low as $28.74 a day after the social network company said it doubled its mobile advertising revenue in the fourth quarter. However, growth trailed some of Wall Street's most aggressive estimates.
UPS shares lost 2.4% after reporting fourth-quarter earnings that were below analysts' estimates on Thursday.
Constellation Brands shares plunged 17.4% after the US Justice Department moved to stop Anheuser-Busch InBev from buying the half of Mexican brewer Grupo Modelo that it does not already own.
News sponsored by:
Subscribe to Wealth Manager to get the inside track on your rivals' moves
Keep up to date with how your peers are allocating their clients' assets by subscribing to Wealth Manager magazine.
Today's top headlines
More about this:
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.