Closing Update: Wall Street Extends Losses As Ukraine Continues to Spook Investors

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Stocks closed lower for the 5th straight day with worries over Ukraine and the Chinese economy continuing to lure investors into the safety of precious metals and government bonds. Sunday's Ukrainian referendum on the annexation of Crimea and rising tensions between Russia and the West fueled today's losses on Wall Street with the bearish tone exacerbated by an unexpected drop in consumer sentiment for March. For the broader market, it was the worst weekly loss in seven weeks.

The Reuters/Univ of Michigan survey of consumer sentiment fell to 79.9 in March, the lowest read in the index since November, and missing expectations for a small increase to 81.8 from February's final read of 81.6. The decline in consumer confidence was blamed on adverse weather conditions, but the decline in consumer expectations for future growth was still considered a negative towards consumer spending.

Producer prices fell 0.1% in February versus the consensus estimate for a 0.2% gain. Excluding volatile food and fuel prices, core-PPI increased an as-expected 0.1%.


Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was down 43 points (-0.3%) at 16,065

S&P 500 was down 5 points (-0.3%) at 1,841

Nasdaq Composite Index was down 15 points (-0.4%) at 4,245

GLOBAL SENTIMENT

FTSE 100 was down 0.40%

Nikkei 225 was down 3.30%

Hang Seng Index was down 1.00%

Shanghai China Composite Index was down 0.73%

UPSIDE MOVERS

(+) CKP Delayed release of annual report to review Q4 and 2013 financial results

(+) BAGR Reported in-line 4Q earnings, with same store sales growth of 10.3%

(+) NEWL Agreed to buy two eco-type Handysize bulk carriers built in 2012 for $37 million total

DOWNSIDE MOVERS

(-) FUEL Reported an across-the-board shortfall on Q4 EPS, revenues and FY 2014 guidance

(-) RPTP Released disappointing sales guidance for fiscal 2014-03-14

(-) BODY The company has delayed 10-K filing



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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As of 12/19/2014, 04:15 PM


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