|09-05-2014, 12:35 AM||#1|
U.S shares drop from records to close in red territories
Wall Street closed in red territories to accordingly give the Standard & Poor’s 500 Index its longest slump since June, as energy producers sank with oil prices to overshadow new stimulus from the European Central Bank.
In fact as investors found heart on the European Central Bank’s announcement of new easing measures and strong data from the U.S.
Thursday`s advance in the U.S. followed stock gains in Europe.
The European Central Bank unexpectedly lowered all its interest rates Thursday to all-time lows, pushing the Stoxx Europe 600 index up 0.7% and Germany`s DAX up 0.3%. ECB President Mario Draghi said the central bank would buy asset-backed securities and covered bonds.
Sputtering economic growth in the eurozone has prompted some U.S. investors to reconsider bets on the Continent. Many investors have been focused on the ECB in anticipation of more action to help stimulate the recovery.
The euro fell to a 14-month low against the dollar.
-The Dow Jones Industrial Average shed 0.05% or 8.70 points to 17069.58
-The S&P 500 index shed 0.15% or 3.07 points to 1997.65
-The NASDAQ Composite Index fell by 0.22% or 10.28 points to 4562.29 . As of 10:33 a.m. ET
Service activity in the U.S. expanded at the fastest pace in nine years in August, according to a report by the Institute for Supply Management.
ISM said its services index rose to 59.6 last month from 58.7 in July. The August reading was the highest since March 2005, and topped estimates by Bloomberg for a decline to 57.7. A reading above 50 signals expansion in the sector.
U.S. stock futures rose after jobless claims rose by 4,000 to 302,000 in the most recent week, slightly higher than the 300,000 claims expected by economists surveyed by The Wall Street Journal. The level of claims remains near 2014 lows.
Private-sector payrolls in the U.S. rose by 204,000 in August, weaker than the 215,000 private-sector jobs that were expected in August.
The yield on the benchmark 10-year note rose to 2.419%, according to FactSet. Yields move inversely with prices.
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