Wall Street shifts slightly; Ukraine, China woes dismissed
March 13, 2014 8:57 am
The US shares ended little changed on Wednesday, with the Nasdaq advanced for the first session in five, as investors kept abreast with the developing situation in Ukraine but brushed off worries about weakness in China’s economy.
The EU agreed a model for its first sanctions on Russia since the Cold War, a more powerful response to the Ukraine turmoil than many had anticipated and a par of solidarity with Washington in the endeavor to make Moscow pay for taking hold of Crimea.
London copper prices, a substitute for economic well being because of its wide industrial usage, reached their lowest point since July 2010 on concerns about credit problems in China, but later bounced back. Copper plunged 7.7% over four sessions. Spot gold touched a six-month peak on its safe-haven allure.
But money is on the sidelines. Investors, distressed on wiping out another leg up in the five-year US equity bull market, are maintaining indexes close to recent highs. The Dow Jones industrial average plummeted 11.17 points or 0.07%, to 16,340.08. The S&P 500 profited 0.57 points or 0.03%, to 1,868.2. The Nasdaq Composite gained 16.144 points or 0.37%, to 4,323.332.
Geopolitical improvements have surged to the front line this week on a lack of key corporate output and market-moving economic figures. The S&P 500 advanced 30% last year and, after a latest decrease, touched a record high last Friday.
Herbalife dropped 7.4% to $60.57 following it said the US Federal Trade Commission opened a query about its operations. Shares shortly sank 16%. Fannie Mae and Freddie Mac shares dived sharply, a day after leaders of the Senate Banking Committee announced an accord on legislation to wind down the government-owned mortgage financiers. Fannie erased 12.2% to $3.54 and Freddie slipped 16.8% to $3.36.
EPL Oil & Gas Inc. leaped 28.8% to $37.50 following it agreed to be obtained by bigger competitor Energy XXI Ltd. for $2.3 billion including debt. Energy XXI shares missed 7.8% to $21.54. Express Inc. slid 12% to $16.05 following its 4th quarter earnings and forecast a profit for the present quarter that went way short of analysts’ outlooks.
Oxigene Inc. slacked 77.3% to $4.29. The company said its experimental drug Zybrestat, mixed with Roche’s cancer drug Avastin, significantly degenerated advancement of recurrent ovarian cancer better than Avastin alone in a mid-stage clinical test. Geron Corp. tumbled 61.6% to $1.69. The company said the US Food and Drug Administration commanded to stop trials of a cancer drug over anxieties about possible liver damage.
Around 6.4 billion shares listed in US exchanges, based on the latest BATS Global Markets data, went below the 6.9 billion daily average so far this month. Advancers outmatched decliners by around 7 to 5 on the NYSE. On Nasdaq, 9 issues increased for every 7 that decreased.
The material has been provided by InstaForex Company – www.instaforex.com
The US shares ended little changed on Wednesday, with the Nasdaq advanced for the first session in five, as investors kept abreast with the developing situation in Ukraine but brushed off worries about weakness in China’s economy.
The EU agreed a model for its first sanctions on Russia since the Cold War, a more powerful response to the Ukraine turmoil than many had anticipated and a par of solidarity with Washington in the endeavor to make Moscow pay for taking hold of Crimea.
London copper prices, a substitute for economic well being because of its wide industrial usage, reached their lowest point since July 2010 on concerns about credit problems in China, but later bounced back. Copper plunged 7.7% over four sessions. Spot gold touched a six-month peak on its safe-haven allure.
But money is on the sidelines. Investors, distressed on wiping out another leg up in the five-year US equity bull market, are maintaining indexes close to recent highs. The Dow Jones industrial average plummeted 11.17 points or 0.07%, to 16,340.08. The S&P 500 profited 0.57 points or 0.03%, to 1,868.2. The Nasdaq Composite gained 16.144 points or 0.37%, to 4,323.332.
Geopolitical improvements have surged to the front line this week on a lack of key corporate output and market-moving economic figures. The S&P 500 advanced 30% last year and, after a latest decrease, touched a record high last Friday.
Herbalife dropped 7.4% to $60.57 following it said the US Federal Trade Commission opened a query about its operations. Shares shortly sank 16%. Fannie Mae and Freddie Mac shares dived sharply, a day after leaders of the Senate Banking Committee announced an accord on legislation to wind down the government-owned mortgage financiers. Fannie erased 12.2% to $3.54 and Freddie slipped 16.8% to $3.36.
EPL Oil & Gas Inc. leaped 28.8% to $37.50 following it agreed to be obtained by bigger competitor Energy XXI Ltd. for $2.3 billion including debt. Energy XXI shares missed 7.8% to $21.54. Express Inc. slid 12% to $16.05 following its 4th quarter earnings and forecast a profit for the present quarter that went way short of analysts’ outlooks.
Oxigene Inc. slacked 77.3% to $4.29. The company said its experimental drug Zybrestat, mixed with Roche’s cancer drug Avastin, significantly degenerated advancement of recurrent ovarian cancer better than Avastin alone in a mid-stage clinical test. Geron Corp. tumbled 61.6% to $1.69. The company said the US Food and Drug Administration commanded to stop trials of a cancer drug over anxieties about possible liver damage.
Around 6.4 billion shares listed in US exchanges, based on the latest BATS Global Markets data, went below the 6.9 billion daily average so far this month. Advancers outmatched decliners by around 7 to 5 on the NYSE. On Nasdaq, 9 issues increased for every 7 that decreased.
The material has been provided by InstaForex Company – www.instaforex.com
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