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Wall Street slips on renewed Ukraine worries, S&P 500 below 2,000

English.news.cn   2014-08-29 05:56:45

NEW YORK, Aug. 28 (Xinhua) -- U.S. stocks ended lower Thursday, with the S&P 500 slipping below 2,000 points, as renewed worries over Ukraine overshadowed better-than-expected U.S. growth data.

Ukrainian President Petro Poroshenko on Thursday accused Russia of "moving its troops into Ukraine," and thereby canceled his planned visit to Turkey.

Ukraine and the West have accused Russia of launching a new incursion into Ukraine by sending its troops into the Donetsk region, a charge that Russia has denied.

The Dow Jones Industrial Average fell more than 100 points early in the morning session but recouped part of its losses to end at 17,079.57 points, down 42.44 points, or 0.25 percent.

The S&P 500 dipped 3.38 points, or 0.17 percent, to 1,996.74. On Wednesday, the benchmark index logged its second record closing high above the milestone level of 2,000 points but failed to topple its all-time intraday high of 2,005.04 points set Tuesday.

The Nasdaq Composite Index sank 11.93 points, or 0.26 percent, to end at 4,557.69.

Refreshed tensions between Russia and Ukraine fueled fears among investors and stirred up market volatility.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, rose 2.29 percent to end at 12.05.

Economic reports released Thursday were encouraging, lifting major stock indices from their session lows.

The U.S. economy grew at an annual rate of 4.2 percent in the second quarter, amid stronger growth of exports and private investment, according to revised data released by the Commerce Department Thursday. The latest figure was higher than the department's initial estimate of 4 percent and beat analysts' expectations.

Moreover, the number of Americans who initially applied for jobless benefits in the week ending Aug. 23 decreased 1,000 to a seasonally adjusted 298,000, said the U.S. Labor Department.

U.S. pending home sales index rebounded in July, rising 3.3 percent to 105.9, said the National Association of Realtors.

Tech giant Apple said Thursday that it would hold a special event on Sept. 9, when the latest iPhone 6 is widely expected to be launched. Apple shares edged up 0.12 percent to end at 102.25 U. S. dollars a piece.

Financials led the declines of the S&P 500's ten sectors, followed by industrials and technology. According to media reports, J.P. Morgan Chase & Co. and four other U.S. banks were hacked. The U.S. Federal Bureau of Investigation is probing into the issue.

In other markets, the dollar traded mixed against major currencies Thursday. Meanwhile, market risk appetite shrank as tensions between Russia and Ukraine escalated again and lifted the safe-haven yen while exerting pressure on the euro.

In late New York trading, the euro fell to 1.3183 dollars from 1.3196 dollars of the previous session. The greenback bought 103. 67 Japanese yen, lower than 103.88 yen of the previous session.

U.S. crude price gained amid upbeat economic data. Light, sweet crude for October delivery moved up 67 cents to settle at 94.55 dollars a barrel on the New York Mercantile Exchange.

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded.

The most active gold contract for December delivery rose 7 dollars, or 0.55 percent, to settle at 1,290.4 dollars per ounce.

Editor: Mu Xuequan
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