Us Markets Down On Post Earnings Selloff
US stocks fell this afternoon, with major indexes erasing earlier gains as a shooting at the Canadian parliament unnerved investors and Boeing and Biogen sold off following results.
By Paolo Palazzi-Xirinachs
Thursday, October 23, 2014 - 00:00
The Dow fell 151.05 points or 0.91 to 16,463.76, the S&P lost 14.04 points or 0.72% to 1,927.24, and the Nasdaq dropped 36.63 points or 0.83% to 4,382.85. Crude oil also slid 2.4% to $80.52 a barrel, the lowest level on a closing basis in more than two years, after a US report showed inventories increased by 7.11 million barrels last week.
Four consecutive advances in the S&P 500 through yesterday pushed the gauge up 4.2% since Oct. 15, recouping half the losses from a selloff that began in mid-September. The equity index surged 2% yesterday, its best day since October 2013, as speculation the European Central Bank will boost stimulus to spur growth in the region.
The cost of living in the US barely rose in September, leaving inflation below the Federal Reserve’s goal as fuel prices plunge this month. The consumer-price index climbed 0.1% after decreasing 0.2% in August, a Labor Department report showed.
Almost 80% of S&P 500 companies that have released quarterly results this season beat profit projections, while 63% surpassed revenue estimates. Profit for index members rose 5.9% in the third quarter and sales increased 4% percent, analysts predicted.
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