Hundreds of migrants rescued off the coast of the Canary Islands    Trump imposes 25% tariffs on steel and aluminum    Saudi Arabia moves to ban sale of tobacco in kiosks and grocery stores    HONOR brings together AI and luxury with PORSCHE DESIGN HONOR Magic7 RSR at LEAP 2025    GASTAT: Industrial Production Index records an increase of 2.1% in December 2024    Saudi Arabia contributes to preparing first international report on AI safety    Investments of over $7.5bn announced on second day of LEAP 2025    Virtual Enforcement Court streamlines 400000 applications for enforcement in 2024    7th batch of 360 female recruits graduated    Saudi Arabia tops G20 countries in Safety Index    Ed Sheeran stopped from busking in Bengaluru by Indian police    Eagles win Super Bowl LIX to end the Chiefs' dream of a three-peat    Trump says he will announce raft of new trade tariffs    Indian security forces kill 31 Maoist rebels    Chinese film stirs national pride, rakes in $1bn in days    Saudi, Ukrainian FMs discuss Ukrainian-Russian crisis in phone call    Trump rules out deporting Prince Harry, cites marital troubles as reason for leniency    Sharifa Al-Sudairi makes historic debut at Asian Winter Games    Ivan Toney's brace secures Al Ahli victory over Al Fateh in Saudi Pro League    Al Nassr reclaims third place with 3-0 victory over Al Fayha as Jhon Durán shines    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wall St dips off 5-year highs after Europe, Japan data
Published in The Saudi Gazette on 15 - 02 - 2013

NEW YORK – US stocks dipped Thursday after traders cashed in some of their recent gains following weaker-than-expected economic growth data from Europe and Japan, though declines were limited by news on mergers and acquisitions.
A contraction of 0.6 percent in gross domestic product in the euro zone was the steepest for the bloc since the first quarter of 2009, while Japan's GDP shrank 0.1 percent in the fourth quarter, crushing expectations of a modest return to growth.
The persisting weakness in Europe and its implications for global growth and US corporate profits prompted some investors to lock in recent profits.
The S&P 500 is still up more than 6 percent so far this year and is hovering near its highest level since November 2007.
US data showed the number of Americans filing new claims for unemployment benefits fell more than expected in the latest week. That suggests the job market is improving, said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
“But it won't be much of a catalyst for the market this morning because of ... the news out of Europe,” he said.
Cardillo said a weaker euro, down 0.8 percent versus the US dollar, was also a downward pressure on markets.
The Dow Jones industrial average fell 13.86 points or 0.1 percent, to 13,969.05, the S&P 500 lost 2.18 points or 0.14 percent, to 1,518.15 and the Nasdaq Composite dropped 8.12 points or 0.25 percent, to 3,188.76.
Shrinking European economies translated to a 5-percent drop in revenue from the region for Cisco Systems, which nonetheless beat estimates as it reported its results Wednesday.
The company's shares slid 2.6 percent to $20.60.
General Motors Co reported a weaker-than-expected fourth-quarter profit, also citing bigger losses in Europe alongside lower prices in its core North American market. Still, shares rose 1.3 percent to $29.05.
Recent news on mergers and acquisitions led some investors to bid up shares of related companies.
H.J. Heinz Co shares jumped 20 percent after it said that Warren Buffett's Berkshire Hathaway and 3G Capital will buy the company for $72.50 a share, or $28 billion including debt.
American Airlines and US Airways Group said they plan to merge in a deal that will form the world's biggest air carrier, with an equity valuation of about $11 billion. US Airways shares fell 2.4 percent to $14.31. – Reuters


Clic here to read the story from its source.