Iraq Violence Draws Down Stocks
Concerns about strife in Iraq prompted US stock index futures to moderately dip as the trade week came to a close, but those losses were curbed by uplifting corporate data.
Friday, June 13, 2014 - 00:00
As two of the three major indexes come off notching all-time high levels early during the trade week, preoccupations are mounting about global hotspots. On top of militant uprisings in Iraq, the pace of world growth is on the wane. Just after 10 a.m. in New York, the Nasdaq edged down 0.05%, a fall of 1.96 points to 4,294.85; the S&P 500 moderately slipped 0.07%, a fall of 1.41 points to 1,928.65; and the Dow fell 0.03%, a drop of 4.25 points to 16,738.44.
Despite touching record-high levels, the S&P has endured three consecutive days of losses, marking its lengthiest bearish trend since this past April. It is en route to marking a weekly loss, propelled largely by dips of 1.1% during that 72-hour period. The two other major indexes also were slumping toward weekly losses on the final trade day of the week. The Dow has dropped more than 1% while the Nasdaq has fallen roughly 0.6%. The week of losses comes after each index marked a string of weekly gains. Both the Dow and the S&P have climbed three consecutive weeks while the Nasdaq has risen four-straight weeks.
In Iraq, rebel militants subdued two strongholds from Thursday to Friday as they appear to be marching toward the capital city. With a lengthy history of military action in the Middle Eastern nation, the US is weighing options after President Obama noted military strikes have not been ruled out.
Senate approves Fed additions
Domestically, the US' central bank has three new operatives in advance of a policy meeting. Days prior to the Federal Open Market Committee convening, the US Senate tapped Lael Brainard as a Fed governor, according to Bloomberg. The body nodded to a second term for Jerome Powell. And the legislators granted approval to Stanley Fischer as chair of the central bank.
The changes among board members are likely to come out when debating borrowing costs. Two days of meetings are scheduled for next Tuesday and Wednesday.
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