Wall Street slips, worst single-session loss in S&P, Nasdaq
In the US market, concerted selling sent the S&P 500 and the Nasdaq to their worst single-session losses in almost two months, but the Dow finished only fractionally lower amid support from IBM.
January 20, 2011 / 09:08 IST
In the US market, concerted selling sent the S&P 500 and the Nasdaq to their worst single-session losses in almost two months, but the Dow finished only fractionally lower amid support from IBM.
Dow Jones Industrial Average slipped 0.11% or 12.64 poinst at 11825.29. Nasdaq Composite shed 1.46% or 40.49 points at 2725.36. Standard & Poor's 500 fell 1.01% or 13.1 poinst at 1281.92.In economic data, housing starts dropped to an annual rate of 529,000 units, down 4.3% from 553,000 in November. Building permits meanwhile surged 16.7% to 635,000 the biggest gain since June 2008. The mortgage bankers association's seasonally adjusted index of mortgage activity rose 5% in the week ended January 14.In the economic data to watch, the initial jobless claim is expected to come in lower at 420,000. Figures for last week came at 446,000.Existing home sales for December is expected to be at 4.9 million. November saw figures of 4.68 million. The Philadelphia Fed survey for general business conditions for January is expected to come at 20. December saw figures of 24.3.The dollar fell to a 2-month low as the euro hit an eight-week high boosted by increased confidence in Europe's ability to defuse its debt crisis, and could extend gains if it holds ground above important technical levels. Oil reversed earlier gains falling to a 1-week low on the back of declining US housing starts. Crude currently stands below the USD 91 dollar per barrel mark.
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