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Wall Street drops, ends January lower

English.news.cn   2014-02-01 06:23:58

NEW YORK, Jan. 31 (Xinhua) -- U.S. stocks lost momentum Friday to wrap up the month on a weak note amid a slew of lackluster corporate earnings and continuing worries over emerging markets.

The Dow Jones Industrial Average slumped 149.76 points, or 0.94 percent, to 15,698.85. The S&P 500 slid 11.60 points, or 0.65 percent, to 1,782.59. The Nasdaq Composite Index fell 19.25 points, or 0.47 percent, to 4,103.88.

The major stock indices finished the month in negative territory for the first time since August 2013, with the Dow down 5.3 percent and the S&P 500 down 3.6 percent, both the biggest drop since May 2012, and the Nasdaq falling 1.7 percent, the largest since October 2012.

The market dip came in on the heels of a broad drop in stocks around the world on Friday as worries over a capital flight from emerging markets persisted.

Chevron's shares dipped 4.14 percent to 111.63 U.S. dollars after the oil producer's revenues missed market estimates.

MasterCard's shares also dived 5.12 percent to 75.68 dollars as both the company's quarterly earnings and revenues fell short of analysts' forecasts.

Shares of Amazon.com plunged 11.00 percent to 358.69 dollars one day after the online retailer released its less-than-expected fourth-quarter earnings and revenues.

Moreover, Wal-Mart Stores issued its disappointing fourth- quarter guidance, also putting a damper on the market.

Economic data out of the United States in the day turned out tepid, failing to provide momentum to the market.

The Commerce Department Friday reported that U.S. personal consumption expenditures increased by 0.4 percent in December, which exceeded market expectations. Meanwhile, U.S. personal income climbed less than 0.1 percent in December.

The final reading of the Thomson Reuters/University of Michigan consumer sentiment index stood at 81.2 in January, slightly down from 82.5 in the preceding month.

Besides, the Chicago Business Barometer weakened to 59.6 in January from a revised 60.8 in December, the third straight monthly fall following October's jump to the highest since March 2011, the Institute for Supply Management reported Friday. A reading above 50 indicates expansion.

The CBOE Volatility Index, widely considered as a fear gauge of the market, soared 6.48 percent to 18.41.

In other markets, oil prices lost Friday on concerns that the growth rate of emerging markets may slow down.

Light, sweet crude for March delivery moved down 74 cents to settle at 97.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery deceased 1.55 dollars to close at 106.4 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange extended losses Friday, with the most active gold contract for April delivery down 2.7 dollars to settle at 1,239.8 dollars per ounce.

The U.S. dollar traded mixed against major currencies Friday. The greenback strengthened against the euro after data showed inflation in euro area dropped more than expected, while weakened versus the yen as worries over emerging markets boosted demand for the Japanese currency, a traditionally considered safe haven.

In late New York trading, the euro fell to 1.3488 dollars from 1.3551 dollars of the previous session, and the British pound decreased to 1.6437 dollars from 1.6478 dollars.

Editor: Mengjie
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