Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a699373
Overnight Markets: Wall Street falls on Kerry’s comments on Syria
by Himanshu Singh on Aug 27, 2013 at 04:00
Wall Street declined on Monday after US Secretary of State John Kerry said the president will hold Syria’s government accountable for using chemical weapons.
The Dow Jones industrial average ended down 64 points, or 0.43%, at 14,946. The Standard & Poor's 500 Index was down seven points, or 0.4%, at 1,657. The Nasdaq Composite Index was little changed at 3,658.
Kerry said on Monday that the evidence of a massive deadly chemical attack last week was "undeniable" and accused the Syrian government of trying to cover it up, signalling the US was edging closer to a possible military response.
Earlier, data showed US durable goods orders fell 7.3% in July, the biggest decline in nearly a year. In addition, a measure of planned business spending on capital goods tumbled, casting a shadow over the economy early in the third quarter.
After the bell, shares of J.C. Penney (JCP.N) fell more than 2% on news that hedge fund manager William Ackman, the single biggest shareholder in the retailer, is selling his stake.
Amgen Inc (AMGN.O) jumped 7.7% after it struck a deal to buy cancer drug maker Onyx Pharmaceuticals Inc (ONXX.O) for about $10.4 billion. Onyx shares rose 5.6%.
Tyson Foods Inc. (TSN), the largest US meat processor, slid 7.3% after Bank of America Corp. analysts cut their rating on the stock.
Archer-Daniels-Midland Co., the largest corn processor, dropped 4.9% as hot, dry weather in the Midwest threatened to reduce crop harvests.
On the positive side, KB Home rose 1.2% and Toll Brothers Inc. advanced 0.8%. Home Depot Inc., the largest US home-improvement retailer, climbed 2.1% for the biggest increase in the Dow.
Anadarko Petroleum Corp. (APC) climbed 1.4% after the oil explorer said in a statement that it agreed to sell a 10% stake in a Mozambique gas field to ONGC Videsh Ltd.
News sponsored by: