A meltdown in emerging markets compounded by European deflation
risk weighed on global equity prices, with the U.S. no exception.
Major averages had trimmed losses mid-afternoon, with the Nasdaq
briefly flashing green, but all ended in the red by the final bell.
Disappointing earnings from Amazon (
) and Mattel (
), and lowered guidance from retail giant Wal-Mart (
), added to negative market sentiment, rekindling fears that the
U.S. economy has stalled. Better-than-expected consumer spending,
an uptick in consumer sentiment, and bargain hunting proved briefly
supportive until selling resumed late in the session. All three
leading indices are lower for the month, the first negative January
in five years.
European markets were against the ropes as well, undermined by
weaker-than-expected euro-zone inflation data and weak German
retail sales. Even though the EU unemployment rate dropped and UK
consumer confidence improved, European bourses all closed in the
red with losses amplified by the sell-off in emerging market
currencies such as the South African rand, Russian ruble and
Here's where the markets stand at the close:
Dow Jones Industrial Index down 149 (-1%) at 15,698.85
S&P 500 down 11.6 (-0.7%) at 1,782.59
Nasdaq Composite Index down 19 (-0.5%) at 4,103.88
FTSE 100 down 0.43%
Nikkei 225 down 0.62%
Hang Seng Index down 0.48%
Shanghai China Composite Index down 0.27%
MTW Reported mixed results for Q4 and better-than-expected EPS
and revenues for FY13.
CPSI Reported better than expected Q4 earnings earnings and 2014
UIS Reported quarterly net income of $2.82 per share beating
estimates by $1.10
MPO Morgan Stanley downgraded the stock to Equal Weight from
HGR Warned that preliminary fiscal 2013 earnings are below
previous company guidance and Wall Street expectations.
FUEL Priced a follow-on public sale of 5 million shares at $61