Closing Update: Wall Street Unnerved By European Economy, Ukraine, Shelved M&A Deals

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Stocks mostly squeezed out cautious gains on Wednesday as recent economic developments in Europe, shelved M&A deals, and lingering risk-aversion among global investors stifled the rebound after Tuesday's sell-off. Weak economic data, namely a huge drop in German factory orders and a surprise contraction in Italian GDP, weighed on U.S. equity futures and resulted in a lower open. Although stocks climbed to the plus column, gains were limited by lingering geo-political pressures and lost M&A deals between 21st Century Fox ( FOX ) and Time Warner ( TWX ), as well as Sprint's ( S ) pulled bid for T-Mobile ( TMUS ).

The only domestic economic data for Wednesday was a 7% decline in the U.S. trade deficit to $41.5 billion, beating estimates for a small increase to a deficit of $45.0 billion from May's revised $44.7 billion.

While global events continue to hamper demand for riskier assets, safe-haven bets like precious metals and government bonds put in strong performances today. Gold rallied by as much as $25 and pierced $1,300.00 for the first time in 5 days. The yield on the 10-year Treasury note dropped 2 basis points to below 2.50%, while German and UK bond yields fell by as much as 7 basis points.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 13 (+0.1%) at 16,443

S&P 500 was flat (+0.0%) at 1,920

Nasdaq Composite Index was up 2 (+0.1%) at 4,355

GLOBAL SENTIMENT

FTSE 100 was down 0.69%

Nikkei 225 was down 1.05%

Hang Seng Index was down 0.26%

Shanghai China Composite Index was down 0.11%

UPSIDE MOVERS

(+) ENPH Q2 revenue rises 42%

(+) CORT Narrowed Q2 net loss with three-fold jump in revenue

(+) ARC Beat earnings estimates by $0.02

(+) PEGA Revenue grew 23%, beating analyst estimates

DOWNSIDE MOVERS

(-) GRPN Wunderlich downgrades stock, cuts PT on Q3 guidance

(-) FUEL Q3 revenue guidance below estimates

(-) GMED Misses earnings, revenue estimates, lowers 2014 guidance

(-) CTSH Revenue misses, 2014 sales view is cut, Q3 forecast below street estimates

(-) CYTX Downgraded to hold by Ascendiant after ATHENA trial put on hold



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

Referenced Stocks: FOX , TWX , S , TMUS

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As of 9/22/2014, 04:15 PM

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