sex hikayeleri interior desing escort fethiye escort denizli porno hikaye kredi kartı borç sorgulama sitesi yayında ziraatbank borç sorgulama
INTERNATIONAL NEWS
November 15, 2012 12:00:00 AM
  Follow @ Twitter

US stocks tumbled Wednesday as President Barack Obama challenged Republicans to accept tax increases for the wealthy in a deal to avert the year-end fiscal cliff.

After opening higher, helped by Cisco Systems's strong earnings, share prices slid and then turned more sharply downward after Obama laid out his terms for a deal in his first news conference since his re-election.

Wall Street stocks closed at their lowest level in more than four months after Obama drew a hard line against Republicans in the battle for a compromise to avoid automatic spending cuts and tax increases that take effect in January.

"The president's statements failed to inspire investor confidence, thus resulting in an afternoon sell-off," said Briefing.com analysts.

The Dow Jones Industrial Average dropped 185.23 points (1.45 percent) to 12,570.95, its lowest close since June 26.

The broad-market S&P 500 lost 19.04 (1.39 percent) at 1,355.49, while the tech-rich Nasdaq Composite gave up 37.08 (1.29 percent) at 2,846.81.

Bank of America led the Dow rout, sliding 3.6 percent, followed by General Electric, down 3.2 percent.

Dow component Cisco was the sole blue-chip gainer, jumping 4.8 percent after its 48 cents earnings per share for the fiscal first quarter beat analyst expectations by two cents.

Abercrombie & Fitch, the retailer of trendy clothing for youth, soared 34.5 percent after turning in a 40 percent jump in third-quarter profit and sharply increasing its forecasts for the full year.

Office supplies chain Staples added 2.6 percent after reporting an expected quarterly loss due to impairment charges mainly related to its struggling European business.

Excluding that, its earnings per share came in flat, and around analyst expectations.

On the Nasdaq, Dell added 1.9 percent and Facebook gained 12.6 percent, despite a lifting of a share-sale ban for insiders, while Apple fell 1.1 percent.

Starbucks dropped 2.9 percent after announcing it would buy tea chain Teavana for $620 million.

Bond prices were mixed.

The 10-year US Treasury yield was unchanged from Tuesday at 1.59 percent, and the 30-year rose to 2.73 percent from 2.72 percent.

Bond prices and yields move inversely.

AFP
 

Wiggle


PREVIOUS STORY
Pakistan agrees to free Afghan Taliban
NEXT STORY
US in tough debate on UN Internet rules

Bookmark and Share
   




FIJI NEWS
Investment Fiji opposes service fee proposalInvestment Fiji chief executive Godo Muller-Teut says introducing service fees in the Tourism Industry would have an adverse impact to investment in the country particularly in the tourism sector.
BUSINESS
FRCA announces key executive appointmentsThe Fiji Revenue Customs Authority (FRCA) is going through a transformation exercise and has made a number of key appointments in executive positions.
SPORTS
Rokoduguni deserves second chance: Bath coachBath coach Neal Hatley Fijian winger Semesa Rokoduguni should be given another chance in the England squad.
TECHNOLOGY
$5000 boost to assist diabetes awareness programVodafone Fiji ATH Foundation has stepped in with financial boost to assist the Lions Club in their Diabetes Awareness program.
HEALTH/FITNESS
$5000 boost to assist diabetes awareness programVodafone Fiji ATH Foundation has stepped in with financial boost to assist the Lions Club in their Diabetes Awareness program.
ENTERTAINMENT
The Chemical Brothers new album Born In The Echoes out July 17The Chemical Brothers, the undisputed masters of transcendent electronics, return with Born In The Echoes on July 17, their first studio album since 2010’s Further.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS