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"How your stock markets perform will depend on me"
U.S. Stocks Decline Amid Tension on Response to Syria
<cite class="byline" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 11px; vertical-align: baseline; background-color: transparent; width: 640px; color: rgb(111, 111, 111); display: block; font-style: normal; line-height: 1.3em; position: static !important; background-position: initial initial; background-repeat: initial initial;">By Nick Taborek & Lu Wang - Aug 28, 2013 3:08 AM GMT+0800 </cite> U.S. stocks fell, with the Standard & Poor’s 500 Index sliding for a second day, as growing tension over possible military action in Syria overshadowed a report showing consumer confidence unexpectedly rose in August.
Financial, technology and industrial shares lost at least 1.5 percent to lead declines among 10 S&P 500 main industries. American Express Co., Microsoft Corp. and General Electric Co. sank more than 2 percent. Southwest Airlines Co. tumbled 3.2 percent amid concern surging oil prices will boost fuel costs. D.R. Horton Inc. fell 3.8 percent as a report showed residential real-estate prices increased in June at a slower pace.
The S&P 500 slid 1.3 percent to 1,634.93 at 3:07 p.m. in New York, headed for the lowest closing level in eight weeks. The Dow Jones Industrial Average dropped 132.35 points, or 0.9 percent, to 14,814.11 for its eighth decline in 10 sessions.
“Everybody’s waiting to see what’s going to happen,” Randy Bateman, who oversees $15 billion as chief investment officer of Huntington Asset Advisors in Columbus, Ohio, said by phone. “Is this going to escalate? Energy prices, if they rise a whole lot, could that mitigate all the strength we’ve been seeing lately in the economy? If we’ve got housing prices that start to rise at the same time we have food and fuel increasing, we could see inflation start to rise and that could impact Fed policy.”
The benchmark gauge fell 0.4 percent yesterday, reversing an early gain of as much as 0.4 percent after Secretary of State John Kerry said the U.S. will hold Syria’s government accountable for using chemical weapons, fanning concern unrest may disrupt Middle East oil supplies. Growing Pressure
The U.S., France and Britain stepped closer today to a military strike against Syria, laying the legal groundwork to justify action, moving forces into place and rounding up allies in the region. Defense Secretary Chuck Hagel told the BBC that the U.S. has “assets in place” and forces are “ready to go.” The introduction of troops isn’t being considered, nor is imposition of a no-fly zone over Syria, according to a U.S. official who asked for anonymity to discuss internal deliberations.
Investors are also watching the political wrangling over the approaching limit on federal spending. The U.S. government is expected to exhaust its ability to borrow funds in mid-October, when it will hit the statutory debt limit, according to an estimate from the Treasury Department in a letter to lawmakers released yesterday. “It further adds to the degree of uncertainty that’s out there,” Bateman said. ‘Rock Solid’
Treasury Secretary Jacob J. Lew reiterated today that the Obama administration won’t negotiate over the debt limit, saying he thinks lawmakers understand the need to preserve the U.S.’s “rock-solid” pledge to meet its commitments.
House Speaker John Boehner said last month Republicans wouldn’t increase the debt ceiling “without real cuts in spending” that would achieve a further reduction in the deficit.
The S&P 500 (SPX) had retreated 3.1 percent through yesterday since closing at a record on Aug. 2, amid growing speculation the Federal Reserve will reduce its monthly bond buying. Minutes of the central bank’s July meeting released last week showed policy makers supported stimulus cuts this year if the economy improves.
Data today showed consumer confidence unexpectedly increased in August as Americans grew more optimistic about the outlook for the economy. A report from the Fed Bank of Richmond showed the overall business activity index for mid-Atlantic region, which accounts for 9.1 percent of gross domestic product, rose faster than estimated last month.
Volatility Surge
The Chicago Board Options Exchange Volatility Index (VIX), or VIX, jumped 12 percent to 16.72 today, headed for the highest close since June 28. The equity volatility gauge has surged 40 percent since a five-month low on Aug. 5.
Trading in U.S. exchanges is heading for the second-slowest month in at least five years, according to data compiled by Bloomberg. An average of about 5.5 billion shares changed hands each day this month through yesterday. That’s about 60 million shares more than last August. Trading in S&P 500 stocks today was 1.3 percent below the 30-day average at this time of day. Moving Average
The decline in equities pushed the S&P 500 below its average during the past 100 days for a second time this year, data compiled by Bloomberg show. The average measure, which is followed by some analysts who study charts to gauge the market’s trends, was last broken on a closing basis on June 24, when the index bottomed after a 5.8 percent retreat from its May peak. The threshold stood near 1,638 recently.
Nine of 10 main S&P 500 groups retreated. American Express fell 2.2 percent to $72.02 while Microsoft dropped 2.2 percent to $33.43. General Electric (GE) slumped 2 percent to $23.15. Airlines dropped as West Texas Intermediate crude rose to a five-week high amid the tension in Syria. The Bloomberg U.S. Airlines Index tumbled 4.8 percent to the lowest since June, as all 10 members retreated.
Southwest dropped 3.2 percent to $12.86. United Continental Holdings Inc. plunged 7.2 percent to $27.70 and Delta Air Lines Inc. slumped 5.3 percent to $19.20. The S&P Supercomposite Homebuilding Index slipped 2.6 percent. The gauge has plunged 28 percent since a May high amid signs that the rate of improvement in the housing market is cooling. Property Prices
The S&P/Case-Shiller index of real-estate prices in 20 cities rose 12.1 percent in June from the same month in 2012 after rising 12.2 percent in the year ended in May, which was the biggest gain since March 2006, the group said today in New York. Data last week showed a larger-than-forecast drop in sales of new homes in July. D.R. Horton dropped 3.8 percent to $17.99, the lowest in almost 13 months, while PulteGroup Inc. slid 3.5 percent to $15.59.
Best Buy Co. lost 2.2 percent to $35.04. Richard Schulze, the electronics retailer’s founder and largest shareholder, said he plans to sell an undisclosed amount of its stock to diversify his assets and raise money.
DSW Inc. jumped 7.5 percent to a record $87.44. The shoe retailer reported second-quarter profit excluding some items of 97 cents a share, beating the average estimate of 79 cents from analysts in a Bloomberg survey.
To contact the reporters on this story: Nick Taborek in Washington at [email protected]; Lu Wang in New York at [email protected] To contact the editor responsible for this story: Lynn Thomasson [email protected]
"How your stock markets perform will depend on me"
U.S. Stocks Decline Amid Tension on Response to Syria
<cite class="byline" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 11px; vertical-align: baseline; background-color: transparent; width: 640px; color: rgb(111, 111, 111); display: block; font-style: normal; line-height: 1.3em; position: static !important; background-position: initial initial; background-repeat: initial initial;">By Nick Taborek & Lu Wang - Aug 28, 2013 3:08 AM GMT+0800 </cite> U.S. stocks fell, with the Standard & Poor’s 500 Index sliding for a second day, as growing tension over possible military action in Syria overshadowed a report showing consumer confidence unexpectedly rose in August.
Financial, technology and industrial shares lost at least 1.5 percent to lead declines among 10 S&P 500 main industries. American Express Co., Microsoft Corp. and General Electric Co. sank more than 2 percent. Southwest Airlines Co. tumbled 3.2 percent amid concern surging oil prices will boost fuel costs. D.R. Horton Inc. fell 3.8 percent as a report showed residential real-estate prices increased in June at a slower pace.
The S&P 500 slid 1.3 percent to 1,634.93 at 3:07 p.m. in New York, headed for the lowest closing level in eight weeks. The Dow Jones Industrial Average dropped 132.35 points, or 0.9 percent, to 14,814.11 for its eighth decline in 10 sessions.
“Everybody’s waiting to see what’s going to happen,” Randy Bateman, who oversees $15 billion as chief investment officer of Huntington Asset Advisors in Columbus, Ohio, said by phone. “Is this going to escalate? Energy prices, if they rise a whole lot, could that mitigate all the strength we’ve been seeing lately in the economy? If we’ve got housing prices that start to rise at the same time we have food and fuel increasing, we could see inflation start to rise and that could impact Fed policy.”
The benchmark gauge fell 0.4 percent yesterday, reversing an early gain of as much as 0.4 percent after Secretary of State John Kerry said the U.S. will hold Syria’s government accountable for using chemical weapons, fanning concern unrest may disrupt Middle East oil supplies. Growing Pressure
The U.S., France and Britain stepped closer today to a military strike against Syria, laying the legal groundwork to justify action, moving forces into place and rounding up allies in the region. Defense Secretary Chuck Hagel told the BBC that the U.S. has “assets in place” and forces are “ready to go.” The introduction of troops isn’t being considered, nor is imposition of a no-fly zone over Syria, according to a U.S. official who asked for anonymity to discuss internal deliberations.
Investors are also watching the political wrangling over the approaching limit on federal spending. The U.S. government is expected to exhaust its ability to borrow funds in mid-October, when it will hit the statutory debt limit, according to an estimate from the Treasury Department in a letter to lawmakers released yesterday. “It further adds to the degree of uncertainty that’s out there,” Bateman said. ‘Rock Solid’
Treasury Secretary Jacob J. Lew reiterated today that the Obama administration won’t negotiate over the debt limit, saying he thinks lawmakers understand the need to preserve the U.S.’s “rock-solid” pledge to meet its commitments.
House Speaker John Boehner said last month Republicans wouldn’t increase the debt ceiling “without real cuts in spending” that would achieve a further reduction in the deficit.
The S&P 500 (SPX) had retreated 3.1 percent through yesterday since closing at a record on Aug. 2, amid growing speculation the Federal Reserve will reduce its monthly bond buying. Minutes of the central bank’s July meeting released last week showed policy makers supported stimulus cuts this year if the economy improves.
Data today showed consumer confidence unexpectedly increased in August as Americans grew more optimistic about the outlook for the economy. A report from the Fed Bank of Richmond showed the overall business activity index for mid-Atlantic region, which accounts for 9.1 percent of gross domestic product, rose faster than estimated last month.
Volatility Surge
The Chicago Board Options Exchange Volatility Index (VIX), or VIX, jumped 12 percent to 16.72 today, headed for the highest close since June 28. The equity volatility gauge has surged 40 percent since a five-month low on Aug. 5.
Trading in U.S. exchanges is heading for the second-slowest month in at least five years, according to data compiled by Bloomberg. An average of about 5.5 billion shares changed hands each day this month through yesterday. That’s about 60 million shares more than last August. Trading in S&P 500 stocks today was 1.3 percent below the 30-day average at this time of day. Moving Average
The decline in equities pushed the S&P 500 below its average during the past 100 days for a second time this year, data compiled by Bloomberg show. The average measure, which is followed by some analysts who study charts to gauge the market’s trends, was last broken on a closing basis on June 24, when the index bottomed after a 5.8 percent retreat from its May peak. The threshold stood near 1,638 recently.
Nine of 10 main S&P 500 groups retreated. American Express fell 2.2 percent to $72.02 while Microsoft dropped 2.2 percent to $33.43. General Electric (GE) slumped 2 percent to $23.15. Airlines dropped as West Texas Intermediate crude rose to a five-week high amid the tension in Syria. The Bloomberg U.S. Airlines Index tumbled 4.8 percent to the lowest since June, as all 10 members retreated.
Southwest dropped 3.2 percent to $12.86. United Continental Holdings Inc. plunged 7.2 percent to $27.70 and Delta Air Lines Inc. slumped 5.3 percent to $19.20. The S&P Supercomposite Homebuilding Index slipped 2.6 percent. The gauge has plunged 28 percent since a May high amid signs that the rate of improvement in the housing market is cooling. Property Prices
The S&P/Case-Shiller index of real-estate prices in 20 cities rose 12.1 percent in June from the same month in 2012 after rising 12.2 percent in the year ended in May, which was the biggest gain since March 2006, the group said today in New York. Data last week showed a larger-than-forecast drop in sales of new homes in July. D.R. Horton dropped 3.8 percent to $17.99, the lowest in almost 13 months, while PulteGroup Inc. slid 3.5 percent to $15.59.
Best Buy Co. lost 2.2 percent to $35.04. Richard Schulze, the electronics retailer’s founder and largest shareholder, said he plans to sell an undisclosed amount of its stock to diversify his assets and raise money.
DSW Inc. jumped 7.5 percent to a record $87.44. The shoe retailer reported second-quarter profit excluding some items of 97 cents a share, beating the average estimate of 79 cents from analysts in a Bloomberg survey.
To contact the reporters on this story: Nick Taborek in Washington at [email protected]; Lu Wang in New York at [email protected] To contact the editor responsible for this story: Lynn Thomasson [email protected]
