US stocks steady on Ukraine concern as Time Warner, Sprint fall
August 7, 2014 7:12 am
US stocks were steady on the trading session as S&P 500 struggled to keep away a two-month low as investors weigh the impact of the escalating Ukraine tension with Sprint Corp. and Time Warner Inc. declining as they failed to close a deal.
The Dow Jones Industrial Average gained 0.08% or 13.87 points to 16,443.34. the index saw a 57-point decline and a 61-point increase in the trading session before settling. Procter & Gamble lead the blue-chip gains which spanned across 18 out the index’s 30 components. The S&P 500 inched up with a less than 0.01% gain or 0.03 points to 1,920.24. Among the index’s ten industry groups, consumer staples performed the best while telecommunications was the biggest laggard. The Nasdaq Composite Index is also up a little with a 0.05% advance or 2.22 points to 4,355.05. The fear gauge of investors or the CBOE Volatility Index declined by 3% to 16.37. The trend showed that for every two shares that dropped, three climbed. The New York Stock Exchange witnessed almost 691 million shares exchanging hands as composite volumes exceeded 3.5 billion.
Sprint Corp. has given up on bidding on T-Mobile US following a failed lobbying that took two months and still was not able to clear regulatory hurdles driving Sprint to plummet by 19%. Time Warner is also in a deal breaker situation as 21st Century Fox Inc. withdrew its unsolicited takeover bid the drove company shares to fall by 13%. Consumer-staples shares were able to lift the market just enough to avoid further declines with Molson Coors Brewing Co. and Kellogg Co. leading the rally.
Fund manager at Riverfront Investment Group LLC, Sam Turner, commented to Bloomberg that there will be a lot of “noise intraday going forward”, however market participants still see the incline the fundamental trend. Turner adds that the market might fall back to “flush out the remaining hands.” Turner recommends to purchase this dip.
The S&P 500 shed 1% in the previous trading session stooping to its lowest level last seen in May with the geopolitical situation in Ukraine continuing. The index has already declined by as much as 3.4% after hitting a record on July 24 that placed the gauge at 1,987.98. This quarter’s earnings report has driven the gauge to fall the most since June 2012 as a barrage of disappointing corporate earnings report were released.
The material has been provided by InstaForex Company – www.instaforex.com
US stocks were steady on the trading session as S&P 500 struggled to keep away a two-month low as investors weigh the impact of the escalating Ukraine tension with Sprint Corp. and Time Warner Inc. declining as they failed to close a deal.
The Dow Jones Industrial Average gained 0.08% or 13.87 points to 16,443.34. the index saw a 57-point decline and a 61-point increase in the trading session before settling. Procter & Gamble lead the blue-chip gains which spanned across 18 out the index’s 30 components. The S&P 500 inched up with a less than 0.01% gain or 0.03 points to 1,920.24. Among the index’s ten industry groups, consumer staples performed the best while telecommunications was the biggest laggard. The Nasdaq Composite Index is also up a little with a 0.05% advance or 2.22 points to 4,355.05. The fear gauge of investors or the CBOE Volatility Index declined by 3% to 16.37. The trend showed that for every two shares that dropped, three climbed. The New York Stock Exchange witnessed almost 691 million shares exchanging hands as composite volumes exceeded 3.5 billion.
Sprint Corp. has given up on bidding on T-Mobile US following a failed lobbying that took two months and still was not able to clear regulatory hurdles driving Sprint to plummet by 19%. Time Warner is also in a deal breaker situation as 21st Century Fox Inc. withdrew its unsolicited takeover bid the drove company shares to fall by 13%. Consumer-staples shares were able to lift the market just enough to avoid further declines with Molson Coors Brewing Co. and Kellogg Co. leading the rally.
Fund manager at Riverfront Investment Group LLC, Sam Turner, commented to Bloomberg that there will be a lot of “noise intraday going forward”, however market participants still see the incline the fundamental trend. Turner adds that the market might fall back to “flush out the remaining hands.” Turner recommends to purchase this dip.
The S&P 500 shed 1% in the previous trading session stooping to its lowest level last seen in May with the geopolitical situation in Ukraine continuing. The index has already declined by as much as 3.4% after hitting a record on July 24 that placed the gauge at 1,987.98. This quarter’s earnings report has driven the gauge to fall the most since June 2012 as a barrage of disappointing corporate earnings report were released.
The material has been provided by InstaForex Company – www.instaforex.com
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