NEW YORK--Stocks closed lower for a third consecutive week on the signs indicating that the weakening of the US consumer demand.
Retailer Gap Inc. and the Atlantic Inc. has lost more than 14% Friday after having cut their forecasts of profit for the year, in part because of the costs for raw materials and sluggish sales. It was a worrying sign for investors who had counted shoppers to lead a recovery of the expenses.
Results of the GAP has pushed other businesses of clothing which have been hit by rising prices for cotton and buyers who are hesitant to splurge. Polo Ralph Lauren Corp. and J.C. Penney Co. each has fallen to 4 per cent, while Urban Outfitters Inc. has dropped 3%.
The Dow Jones index fell 93.28 points, or 0.7%, to 12,512.04. Standard & Poor 500 index lost 10.33 or 0.8%, to 1,333.27. The Nasdaq composite 19,99 ignored or 0.7%, to 2,803.32. Each market index has fallen by more than 0.3% for the week. The Nasdaq has lost the most, 0.9%.
An exception to the retailer gloom was Barnes & Noble Inc.. The bookseller jumped 30 percent after having announced late Thursday that Liberty Media Corp. has proposed to buy the company for 1 billion in cash.
Market indexes stayed within a relatively small range since a diving may 4 triggered by a sharp decline in oil prices. The Dow Jones index fell more than 200 points in two days. After several weeks of dithering, the index is trading slightly above where it was after two days of autumn.
May is traditionally a month low for the stock markets. Traders have little basis to buy and sell decisions on with the season of the benefits of formally more businesses and limited economic news. Trading was relatively light.
The US dollar has also hurt stocks. Face to the euro, the dollar rose Friday after the downgraded Fitch rating agency three debt encoches the Greece still in junk status, escalating concerns about the European debt crisis.
In recent months, the markets fell when the dollar rises against the euro due to the stronger US currency reported that European countries are still struggling to get their debt under control.
"A stronger dollar and a stronger in the United States may coincide, but step when U.S. economic data are weak, said Quincy Krosby, Chief Strategist for Prudential Financial market." "This has been a dollar stronger who came because of another currency weakening, not a stronger US economy."
Concerns about the strength of the economy has pushed bond prices higher Government that investors sought safer assets. Performance on the reference 10-year Treasury Note fell of 3.15% of 3.18% late Thursday. Fall when increase their bond prices.
There are a few other notable exceptions to the trend. Software company Salesforce.com Inc. increased 8%, most of any stock in the S & P 500, after its first-quarter profit beat expectations. Rental movie and streaming of company Netflix Inc. has acquired by 1.3%.
Two stocks fell for all those which have increased in the New York Stock Exchange. Consolidated volume came to 3.6 billion shares.
没有评论:
发表评论