(menafn – ecpulse)
U.S. stocks settled lower at the close on Friday, after logging the best two-day rally this year and joining global equities amid downbeat economic reports from the 17-nation euro area to the world's second largest economy, besides to gray data that released from the U.S. economy this morning.
Markets were negatively pressured on Friday after China reported slower-than-estimated growth, boosting concerns about the prospects of the global economic growth besides to concerns that have already mounted on Spain’s increasing debt woes as credit swaps on Spanish default hit a new record.
Equities extended loss after the University of Michigan released a preliminary reading of its sentiments survey showing that consumer confidence in the U.S. unexpectedly fell in April. Separately, the U.S. Labor Department said today that cost of living in the U.S. matched forecasts in March.
The Dow Jones Industrial Average fell 136.99 points, or 1.05 percent, closing at 12849.50 after reaching a daily high of 12986.35 and a low of 12845.28. At the close, 28 shares declined while 2 shares inclined.
The Standard & Poor's 500 Index lost 17.31 points, or 1.25 percent, closing at 1370.61 after reaching daily high of 1387.61 and a low of 1369.85. At the close, 525 shares fell, 73 shares rose, while 2 shares stood unchanged.
The NASDAQ Composite Index shed 44.22 points, or 1.45 percent, closing at 3010.77 after the reaching a daily high of 3045.42 and a low of 3010.33. At the close, 1781 shares plunged, 552 shares rose, while 231 remained unchanged.
Bank of American Corp, Alcoa Inc and Hewlett-Packard Co slumped 5.34 percent, 3.15 percent and 2.11 percent, respectively, leading losses among America's biggest companies and banks. Google Inc slid 4.06 percent after news plans of stock restructuring.
Coinstar Inc rose 7.29 percent after reporting first-quarter results and sales that beat forecast. Dow Chemical gained 1.62 percent after the largest U.S. chemicals producer boosted its quarterly dividend to 32 cents a share from 25 cents.
The Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose to currently trade at 79.90 from 79.40 recording its highest level at 79.92 and lowest at 79.29.
Gold prices dropped to reach 1657.26 an ounce from the opening price of 1675.48. Oil declined to reach 102.86 a barrel after opening at 103.83.