U.S. stocks fell, after the Standard & Poor’s 500 Index
closed at a record yesterday, as Best Buy (BBY) Co. tumbled and earnings at
companies from Citigroup Inc. to CSX Corp. (CSX) disappointed investors.
Best Buy slumped 29 percent after reporting a drop in U.S.
same-store sales during the holiday shopping season. Citigroup and Goldman
Sachs Group Inc. led declines among banks after releasing fourth-quarter
results. CSX dropped 6.8 percent as profit missed analysts’ forecasts for the
first time in two years. Intel Corp. slid 2.6 percent in extended trading after
forecasting sales that may fall short of some estimates.
The S&P 500 lost 0.1 percent to 1,845.89 at 4 p.m. in New
York, dragging the gauge lower for the year. The Dow Jones Industrial Average
fell 64.93 points, or 0.4 percent, to 16,417.01. About 6.3 billion shares
changed hands on U.S. exchanges, 4.4 percent above the 30-day average.
The S&P 500 gained 0.5 percent yesterday, briefly erasing
its losses for 2014, as the World Bank raised its global-growth forecast and
better-than-estimated earnings from Bank of America Corp. fueled a rally in
financial shares. The benchmark measure trades at 15.6 times the estimated
earnings of its members, more than the five-year average multiple of 14.1, data
compiled by Bloomberg show.
(Source: Bloomberg)
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