U.S.
stocks retreated Wednesday in the wake of Tuesday's strong rebound, as
latest corporate earnings came in weaker-than-expected and commodity
prices dipped again.The Dow Jones Industrial Average Index slumped
138.19 points, or 0.94 percent, to 14,618.59 points. The Standard &
Poor's 500- stock Index dropped 22.56 points, or 1.43 percent, to
1,552.01 points. The Nasdaq Composite Index plummeted 59.96 points, or
1.84 percent, to 3,204.67 points.Investors have been expecting a good
earnings season to justify the impressive rally of the stock market
since the start of this year. However, disappointing earnings from
several notable companies dampened the market sentiment in the day.Bank
of America reported a net income of 2.6 billion U.S. dollars, or 20
cents per diluted share, for the first quarter of 2013, both higher than
the year-ago period. But the result still missed analysts' estimates.
Also, the bank's total adjusted first- quarter revenue fell 8.4 percent
to 23.85 billion dollars. Its shares dropped 4.72 percent to 11.70
dollars.
Tech
shares also tumbled as Intel and Yahoo reported first- quarter earnings
that fell short of the market consensus after Tuesday's closing
bell.Apple shares fell 5.50 percent to 402.80 dollars Wednesday,
becoming the biggest drag on the tech-heavy Nasdaq Composite Index. The
tech giant's shares even broke through 400 dollars intraday, not seen
since December 2011.European equity markets were mostly in the red
territory Wednesday,tyre changer one
day after the International Monetary Fund lowered its 2013 global
growth forecast to 3.3 percent from the January projection of 3.5
percent.
Reports
from the 12 Federal Reserve Districts suggest overall economic activity
of the world's largest economy expanded at a moderate pace during the
reporting period from late February to early April, according to the
Beige Book released by the U.S. Federal Reserve Wednesday afternoon.The
tone of the latest Beige Book was slightly sanguine than last one which
used "modest and moderate"to define the economic growth of the U.S., but
the market reacted little to the Fed's report on Wednesday since it was
in line with analysts' estimates.After the closing bell, American
Express and eBay also posted mixed quarterly earnings report.Commodity
prices continued to fall on Wednesday. Oil prices went down on
disappointing corporate earnings data and a rising greenback which
reduced dollar-denominated oil's appeal as an investment
alternative.Light, sweet crude for May delivery lost 2.04 dollars, or
2.3 percent, to settle at 86.68 dollars a barrel on the New York
Mercantile Exchange. Brent for June delivery was down 2.24 dollars, or
2.24 percent,Clawfoot tub faucets to close at 97.69 dollars a barrel.
U.S. crude inventories dropped by 1.garage equipments2 million barrels, or 0.3 percent, to 387.A large number of scams make use of a brand name kitchen knives may
be a letter or two off or otherwise not as smooth as in the real
thing.6 million barrels in the week ending April 12, the Energy
Information Administration (EIA) reported.The U.S. dollar advanced
against major currencies Wednesday as economic outlook of the euro zone
and Britain remained gloomy.The pound decreased sharply against the
dollar after minutes of the Bank of England's meeting in April showed
the central bank governor Mervyn King pushed for additional stimulus for
a third month.
In
addition, U.K. official data showed unemployment rate in the three
months through February climbed to 7.9 percent from 7.8 and the number
of jobless people also grew.In late New York trading, the British pound
fell to 1.5237 dollars from 1.5370 dollars of the previous session and
the euro dropped to 1.3013 dollars from 1.3191 dollars. The Australian
dollar declined to 1.0292 dollars from 1.0381 dollars. The dollar bought
97.85 Japanese yen,stainless steel kitchenware are sometimes referred to as gizmos higher than 97.43 in the previous session.
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