Stocks on Wall Street slumped as lukewarm economic data gave investors few reasons to jump into the market ahead of key data and earnings reports later in the week.August factory orders rose apart from commercial airplanes while pending home sales rose in
Stocks on Wall Street slumped as lukewarm economic data gave investors few reasons to jump into the market ahead of key data and earnings reports later in the week.
August factory orders rose apart from commercial airplanes while pending home sales rose in August more than expected.
Just before the close, the Dow Jones Industrial Average was down 95 points, or 0.9%, to 10,734. Alcoa, which kicks off third-quarter earnings season on Thursday, was the measure's worst performer, falling 2.7%.
Microsoft also weakened, shedding 2.1% after a downgrading by Goldman Sachs. Intel was also weak, sliding 2.5%.
The technology-heavy Nasdaq Composite was down 1.2% to 2343 and the S&P 500 index shed 0.9% to 1135, led by declines in its materials sector.
Other markets: Europe down, Asia up
European stocks fell, with worries about regional economic growth prospects remaining paramount.
The Stoxx Europe 600 index ended down 0.5% to 257.74. The U.K.'s FTSE 100 index lost 0.6% to 5555.97. France's CAC-40 index fell 1.1% to 3649.81 and Germany's DAX dropped 1.2% to 6134.21.
Most Asian equity markets ended higher, but Japanese stocks reversed early gains to end lower as banks tumbled in afternoon trading after a Swiss government expert group proposed higher capital requirements for banks there.
The Nikkei Stock Average, which climbed as high as 9508.36 during the session, slipped 0.3% to end at 9381.06.
Hong Kong's Hang Seng Index rose 1.2% to 22618.66, Australia's S&P/ASX 200 added 1% to finish at 4625.30, and the Philippines' PSE gained 1.9% to close at a record high of 4188.31.
Thailand's SET Index snapped a three-session winning streak to close 1.5% lower at 964.22.
India's Sensex, added 30.69, or 0.2%, to 20,475.73, nearing its record closing high of 20,873.33 on January 8, 2008.
Commodities: Oil up, gold down
Crude-oil futures approached a five-month high, though weaker-than-expected US factory orders sapped some momentum out of the rally.
Light, sweet crude for November delivery traded 17USc, or 0.2%, higher at $US81.75 a barrel in New York. Brent crude on the ICE futures exchange traded 6USc lower at $US83.69 a barrel.
A stronger dollar pushed down gold futures as traders waited on Friday's employment data to give the metal more direction.
The most actively traded contract, for December delivery, recently traded down 0.2%, or $US2.60, at $US1315.20 an ounce in New York. The contract had ended Friday at a fresh record settlement of $US1316.10 an ounce.
Currencies: Dollar up, euro down
The dollar rose against the euro on renewed worries about the European debt woes. The greenback also strengthened against the yen ahead of the Bank of Japan’s monetary policy meeting.
The euro’s drop below $US1.37 was triggered by a combination of factors, including a further rise in Spanish unemployment as well as remarks by noted economist Joseph Stiglitz that economic woes could endanger the euro.
The euro fell to $US1.3686 from $US1.3784 late on Friday. The UK pound rose to $US1.5843 from $US1.5837.
Against the Japanese yen, the dollar recovered from a slight decline to trade at ¥83.34, compared with ¥83.31 late on Friday.
