U.S. stocks fell, sending the Standard
& Poor’s 500 Index down a second day, amid disappointing service
industries data and as investors awaited tomorrow’s jobs report
to gauge the pace of growth at the world’s largest economy.
Commodity and technology shares fell the most among 10 S&P 500 groups as Alcoa (AA) Inc. and Hewlett-Packard Co. (HPQ) slid at least 1.5 percent. General Motors Co. (GM) sank 2.4 percent after earnings tumbled 61 percent. Target Corp. (TGT) lost 2.5 percent as April sales missed projections. Green Mountain Coffee Roasters Inc. (GMCR) plunged 48 percent as profit will be less than it expected. Carlyle Group LP advanced 0.2 percent in its first day of trading.
The S&P 500 retreated 0.8 percent to 1,391.57 at 4 p.m. New York time, dropping 1 percent in two days. The Dow Jones Industrial Average declined 61.98 points, or 0.5 percent, to 13,206.59. The Russell 2000 Index (RTY) of small companies decreased 1.5 percent to 806.59. About 6.9 billion shares changed hands on U.S. exchanges, or 3.8 percent above the three-month average.
“It’s a bump in the road,” said Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida. His firm oversees more than $300 billion. “The economic data has turned softer. I wouldn’t be surprised to see the jobs report tomorrow disappoint. All that will do is allow the market to work off its overbought condition.”
Read more: http://www.bloomberg.com/news/2012-05-03/u-s-stock-futures-little-changed-visa-drops-on-probe.html
Commodity and technology shares fell the most among 10 S&P 500 groups as Alcoa (AA) Inc. and Hewlett-Packard Co. (HPQ) slid at least 1.5 percent. General Motors Co. (GM) sank 2.4 percent after earnings tumbled 61 percent. Target Corp. (TGT) lost 2.5 percent as April sales missed projections. Green Mountain Coffee Roasters Inc. (GMCR) plunged 48 percent as profit will be less than it expected. Carlyle Group LP advanced 0.2 percent in its first day of trading.
The S&P 500 retreated 0.8 percent to 1,391.57 at 4 p.m. New York time, dropping 1 percent in two days. The Dow Jones Industrial Average declined 61.98 points, or 0.5 percent, to 13,206.59. The Russell 2000 Index (RTY) of small companies decreased 1.5 percent to 806.59. About 6.9 billion shares changed hands on U.S. exchanges, or 3.8 percent above the three-month average.
“It’s a bump in the road,” said Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida. His firm oversees more than $300 billion. “The economic data has turned softer. I wouldn’t be surprised to see the jobs report tomorrow disappoint. All that will do is allow the market to work off its overbought condition.”
Read more: http://www.bloomberg.com/news/2012-05-03/u-s-stock-futures-little-changed-visa-drops-on-probe.html
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