CLOSING UPDATE: Stocks Continue to Capitulate To U.S. Saber Rattling

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Stocks limped into the close on very light volume as worries over a potential U.S. military strike against Syria coupled with bearish economic data on personal income and spending left all three indices with modest losses. Secretary of State John Kerry's statements late in the day offered traders another excuse to sell as military action appears to be looming, possibly as early as this weekend. Overall, however, the negative price action pressure appeared to have been exaggerated by thin volume.

The economic data today was mixed, but it was the less than expected gain of 0.1% in both personal income and spending that had the most influence on the market. Income was forecast to increase 0.2% while spending was expected to gain 0.3%. Other data included the improvement in the Chicago purchasing manager's index to 53.0 in August from 52.3 in July, and an upward revision to the Reuters/Univ of Michigan index of consumer sentiment from 80.0 to 82.1.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 30.64 (-0.21%) to 14,810.31

S&P 500 was down 5.20 (-0.32%) to 1,632.97

Nasdaq Composite Index was down 30.43 (-0.84%) to 3,589.87

GLOBAL SENTIMENT

FTSE 100 was down 1.08%

Nikkei 225 was down 0.53%

Hang Seng Index was up 0.12%

Shanghai China Composite Index was up 0.06%

UPSIDE MOVERS

SPLK, Splunk reported improved Q2 earnings and raised Q3 guidance

CRM, Salesforce reported strong Q2 earnings and upbeat full-year estimates

APA, The company is selling its 33% stake in Egyptian oil and gas business to Sinopec for $3.1 billion

DOWNSIDE MOVERS

KKD, Although the company beat earnings estimates, Q2 profit slid to $4.7 million and full-year guidance is below analyst estimates.

PSUN, The company expects a loss in Q3 earnings of $0.09-$0.04 per share versus analyst estimates of $0.00 per share.

CTRL, Q2 earnings missed estimates by $0.03



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

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51,290,831
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31,693,544
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As of 8/20/2014, 04:04 PM

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