U.S. stocks turn lower after disappointing data; Dow slips 0.15%
Investing.com
Published Jan 31, 2012 10:15AM ET
During early U.S. trade, the Dow Jones Industrial Average dipped 0.15%, the S&P 500 index shed 0.1%, while the Nasdaq Composite index eased down 0.05%.
U.S. equities initially opened higher as market sentiment improved amid hopes for an imminent agreement on a debt restructuring deal for Greece.
However, stock indices turned lower after data showed that U.S. consumer confidence deteriorated unexpectedly in January.
A separate report showed that manufacturing activity in the Chicago area declined unexpectedly in January, falling to the lowest level since August.
Also Tuesday, the S&P/Case-Shiller home price index for November fell more-than-expected, declining for the 17th consecutive month.
Meanwhile, electronics retailer RadioShack saw shares plummet 28.65% after warning that its fiscal fourth quarter earnings will fall significantly short of market expectations, citing the poor performance of its partnership with Sprint, the third largest US mobile carrier. Sprint shares dropped 1.65%.
Pharmaceutical giant Eli Lilly saw shares climb 1% after reporting fourth quarter revenue of USD6.05 billion, beating expectations for revenue of USD5.88 billion. The company also reaffirmed its 2012 full-year outlook.
Online retail giant Amazon shed 0.45% as the company was scheduled to release earning figures for the final three months of 2011 after Tuesday’s closing bell.
Across the Atlantic, European stock markets were up, but off the highest levels of the session as investors remained wary amid uncertainty over Portugal’s debt burden, as the yield on the country’s 10-year government bonds remained close to Monday’s euro-era highs at 18%, fuelling concerns that Lisbon may need a debt restructuring deal.
The EURO STOXX 50 rose 0.8%, France’s CAC 40 jumped 1.2%, Germany's DAX added 0.4%, while Britain's FTSE 100 advanced 0.45%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 1.15%, while Japan’s Nikkei 225 Index eased up 0.1%.
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Written By: Investing.com
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