AUG 28th - DAILY REVIEW - GLOBAL MARKETS AUG 28th Stocks End Lower; S&P 500 Slides Below 2,000 on Ukraine fears - Russian troops in Ukraine spur concern - U.S. GDP revised higher in Q2, jobless claims fall - Banks in focus after reports of cyber attacks - Abercrombie & Fitch Co lost 4.8 percent U.S. stocks edged lower on Thursday after the latest tension between Ukraine and Russia snapped the focus of investors back to the volatile region, but U.S. economic data helped curb losses. Worries over tension abroad had largely receded from Wall Street, with major indexes seeing few negative days over the past two weeks, and the Dow and S&P both hitting record highs. U.S. stocks finished lower on Thursday, with the S&P 500 snapping a three-session win streak to end below 2,000. The optimism that has recently driven the major averages to strong gains was never present today despite a better-than-expected reading on second quarter GDP. Revised figures announced by the U.S. Commerce Department showed that Gross Domestic Product, a broad measure of economic activity, rose by 4.2 percent in the April-to-June period. Stocks wobbled throughout the session amid heightened expectations that the Federal Reserve may hike rates sooner than forecast. Geopolitical tensions and economic weakness in Europe also had investors on edge. Ukraines government has accused Russia of invading the country along its south-eastern border. Recent Russian actions clearly demonstrate that Moscow is bluntly drawing Ukraine and the entire world into a full-scale war, Ukraines foreign ministry said in a statement. The Dow Jones Industrial Average closed down 42.44 points, or 0.3 percent, at 17,079.57. The S&P 500 lost 3.38 points, or 0.2 percent, at 1,996.74, falling from record highs above 2,000 thanks to weakness in the financial sector. The Nasdaq declined 11.93 points, or 0.3 percent, to 4,557.69.
Posted on: Fri, 29 Aug 2014 02:00:47 +0000
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