Investing.com - U.S. stocks moved up and down in choppy trading
on Wednesday as investors digested events unfolding in Ukraine,
while corporate news moved markets as well.
At the close of U.S. trading, the Dow 30 rose 0.12%, the S&P
500 index ended the session flat, while the NASDAQ Composite index
The Volatility S&P 500 index, which measures the outlook for
market volatility, was down 3.50% at 16.28.
Events in Europe pushed stocks down in earlier trading though
they came back from earlier lows as investors focused less on fears
and waited for more tangible news to indicate whether the conflict
in Ukraine will escalate or ebb.
Reports surfaced on Tuesday that Russia was amassing more troops
near its border with Ukraine, which rattled markets worldwide by
stoking concerns an escalating conflict could dampen global
Since the West slapped sanctions on Moscow several days ago for
allegedly meddling in Ukraine's affairs by supporting separatists,
Russian troops along the border have reportedly jumped to 20,000
Stocks also fell earlier on news Italy's economy shrank for a
second consecutive quarter in the three months to June, which
technically means the country is in recession.
ISTAT, Italy's statistical office, reported that the country's
gross domestic product contracted by 0.2% in the second quarter,
confounding expectations for growth of 0.2%.
Italy's economy shrank 0.1% in the preceding quarter.
Annualized GDP declined at a rate of 0.3%, worse than
expectations for an increase of 0.1%.
Meanwhile in the U.S., official data revealed that the U.S.
trade deficit narrowed unexpectedly to a five-month low of $41.54
billion in June from $44.66 billion in May.
Analysts were expecting a $44.70 billion trade gap, and
Wednesday's numbers drew applause in the trading day.
Mergers and acquisition news moved markets as well.
Mobile phone operator Sprint Corp (NYSE:S) reportedly ended
talks to acquire T-Mobile US Inc (NYSE:TMUS), while 21st Century
Twenty-First Century Fox Inc (NASDAQ:FOX) withdrew its unsolicited
takeover bid for Time Warner Inc (NYSE:TWX).
Separately, drugstore chain Walgreen Co (NYSE:WAG) said it would
not use its acquisition of Europe's Alliance Boots move its
Leading Dow Jones Industrial Average performers included Procter
& Gamble Company (NYSE:PG), up 2.10%, Coca-Cola Company
(NYSE:KO), up 1.89%, and General Electric Company (NYSE:GE), up
The Dow Jones Industrial Average's worst performers included
Boeing Company (NYSE:BA), down 2.42%, AT&T Inc (NYSE:T), down
1.41%, and United Technologies Corporation (NYSE:UTX), down
European indices, meanwhile, ended the day lower.
After the close of European trade, the DJ Euro Stoxx 50 fell
0.77%, France's CAC 40 fell 0.61%, while Germany's DAX fell 0.65%.
Meanwhile, in the U.K. the FTSE 100 fell 0.69%.
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