US stocks slip on fiscal cliff woes

Nov 14 2012, 04:16 IST
Comments 0
SummaryThe Dow Jones industrial average was down 58.90 points at 12,756.18.

500 Index was down 5.50 points, or 0.40 percent, at 1,374.53. The Nasdaq Composite Index was down 20.37 points, or 0.70 percent, at 2,883.89.

The MSCI world equity index slipped 0.84 percent to 321.96.

The release of October U.S. retail sales on Wednesday is expected to offer key insights into how consumer spending is shaping up for the fourth quarter, said Deutsche Bank Securities chief U.S. economist Joseph LaVorgna.

Dow component Home Depot Inc raised its full-year outlook and cited an improving housing market as it reported quarterly results. Its stock rose 3.6 percent to finish at $63.38.

Microsoft shares fell 3.2 percent to $27.09 after the surprising departure of a key executive, who analysts said was the driving force behind the company's biggest product.

The risk aversion gripping investors boosted U.S. Treasuries, with the benchmark 10-year Treasury note up 6/32, and its yield easing to 1.59 percent.

A weak German ZEW sentiment survey heightened concerns about the impact of the euro zone crisis on Europe's largest economy and knocked the euro earlier in the session.

The FTSEurofirst 300 pan-European index closed up 4.81 points, or 0.44 percent, at 1,099.16. Spain's IBEX index rallied 1.7 percent, while its bond yields eased slightly

Brent crude oil slipped $0.89 to $108.18 a barrel, falling for a second day on worries about demand growth in a well-supplied market as the United States and Europe grapple with fragile economies.

Platinum group metals rose sharply after a forecast that production outages earlier this year could create a supply deficit, while gold traded flat as investors awaited more clarifications on Greek aid by the euro zone.

Spot gold eased 0.1 percent to $1,725.94 an ounce.

U.S. COMEX gold futures for December delivery settled down $6.10 at $1,724.80 an ounce, preliminary Reuters data showed.

Single Page Format
Ads by Google

More from World News

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...