(menafn – ecpulse)
The world's leading economy saw its shares plummeting throughout the opening session today regardless of today's mixed housing data released as overall commodities fell on concern about a Chinese economic slowdown which accordingly snapped three-day advance for the Standard & Poor’s 500 Index.
Now Freeport-McMoRan Copper & Gold Inc. and Cliffs Natural Resources Inc. dropped more than 2.7 percent as China raised fuel prices by the most in two years and BHP Billiton Ltd. saidthe nation’s steel production is slowing.
Plus Adobe Systems Inc. sank 3.6 percent as its profit forecast missed somestimates and Tiffany & Co. surged 5.3 percent after the second-largest luxury jewelry retailer forecast profit that beat projections.
Furthermore Walt Disney Co. dropped 0.6 percent to 43.20. The world’s largest entertainment company said the box-office disappointment “John Carter” will post a loss of about 200 million, possibly the biggest ever for a single film.
The U.S. dollar rebounded after three consecutive sessions of drop where the dollar index, which tracks the dollar movements versus a basket of major currencies, touched a high of 79.83 before falling to 79.50 after the release of the report, referring that it has a solid support at 79.30 which represents SMA 100 level.
Gold prices dropped to reach 1650.09 per ounce climbing from the opening price of 1663.12. Oil declined to reach 106.64 after opening at 108.24 per barrel.
As for stocks, the most sectors that shed points the most leading the decline in the DJIA were the industrials, basic materials and 0il & gas shares respectively, while in the S&P 500 index most dropping sectors were the basic materials, industrials and 0il & gas shares respectively.
The Dow Jones Industrial Average traded lower by 93.16 points or 0.70 percent at 10:01 New York time reaching 13145.97 levels, while the S&P 500 index traded at 1400.25 as it dropped by 9.50 points or 0.67 percent, meanwhile the NASDAQ Composite index declined 25.96 points or 0.84% to trade at 3052.36 levels.