U.S. stocks dip as sanctions hit Russia over Ukraine; Dow falls 0.41%
Published Jul 29, 2014 04:19PM ET
Ukraine concerns dampen stock prices, offsetting upbeat U.S. data, earnings
Investing.com - Washington's decision to slap fresh sanctions on Russia for its alleged interference in Ukraine offset upbeat earnings and data and sent U.S. stocks falling on Tuesday.
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At the close of U.S. trading, the Dow 30 fell 0.41%, the S&P 500 index fell 0.45%, while the NASDAQ Composite index fell 0.05%.
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The Volatility S&P 500 index, which measures the outlook for market volatility, was up 6.21% at 13.34.
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U.S. President Barack Obama announced on Tuesday that Washington was slapping sanctions on Russian energy, defense and financial sectors on accusations that Moscow continues to support separatists in the Ukraine while amassing troops along its Ukrainian border.
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The measures block of exports of certain goods and technologies bound for Russia's energy sector, toughen up sanctions on Russian financial and defense companies as well as suspend credit that encourages exports to Russia as well as finance development projects.
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Europe followed suit with similar measures, and the moves sparked fears the standoff will weigh on global growth, which offset positive U.S. data and earnings and sent equities indices falling on Tuesday.
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The Conference Board reported that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, defying consensus forecasts for a decline to 85.3.
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Better-than-expected earnings from Merck & Company Inc (NYSE:MRK) and Pfizer Inc (NYSE:PFE) failed to sway investor attention away from Ukraine.
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Elsewhere in the U.S., investors took in stride the S&P/Case Shiller Home Price Index.
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The 20-city composite index for May grew 9.3% year-over-year, down from April's 10.8% reading, though the 10-city index grew 9.4%, down from April's 10.9%, though markets have priced in slackness in the U.S. housing sector.
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Leading Dow Jones Industrial Average performers included AT&T Inc (NYSE:T), up 2.65%, Dupont Fabros Technology Inc (NYSE:DFT), up 1.36%, and Merck & Company Inc (NYSE:MRK), up 1.05%.
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The Dow Jones Industrial Average's worst performers included UnitedHealth Group Incorporated (NYSE:UNH), down 1.70%, United Technologies Corporation (NYSE:UTX), down 1.48%, and Pfizer Inc (NYSE:PFE), down 1.21%.
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European indices, meanwhile, ended the day higher.
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After the close of European trade, the DJ Euro Stoxx 50 rose 0.54%, France's CAC 40 rose 0.48%, while Germany's DAX rose 0.58%. Meanwhile, in the U.K. the FTSE 100 rose 0.29%.
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On Wednesday, stocks will move on the Fed's statement on interest rates and monetary policy as well as revised second-quarter U.S. GDP growth data and the ADP report on private sector job creation.
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Written By: Investing.com
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