News

Markets Right Now: US stocks end lower; energy, banks sink

NEW YORK, N.Y. – The Latest on global financial markets (all times local):

4:00 p.m.

Stocks are closing lower on Wall Street, erasing a big gain from the day before.

Energy companies and banks had some of the biggest losses Tuesday. JPMorgan Chase and Chevron each sank 2 per cent.

Traders were discouraged by more signs of weakness in China’s economy. European markets also closed lower after growth forecasts for that region were lowered.

Several companies fell after reporting disappointing results. Pitney Bowes, which makes office mailing equipment, lost 10 per cent.

The Dow Jones industrial average fell 140 points, or 0.8 per cent, to 17,750.

The Standard & Poor’s 500 index lost 18 points, or 0.9 per cent, to 2,063. The Nasdaq composite fell 54 points, or 1.1 per cent, to 4,763.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.80 per cent.

___

12 p.m.

Stocks are moving lower in midday trading on Wall Street, erasing a big gain from the day before.

Energy companies and banks had some of the biggest losses Tuesday.

Traders were discouraged by more signs of weakness in China’s economy, and European markets were also down after economic growth forecasts for that region were lowered.

Several stocks were also falling on weak earnings reports. Pitney Bowes dropped 10 per cent and Vornado Realty Trust sank 3 per cent.

The Dow Jones industrial average fell 182 points, or 1 per cent, to 17,709.

The Standard & Poor’s 500 index lost 21 points, or 1 per cent, to 2,060. The Nasdaq composite fell 54 points, or 1.1 per cent, to 4,763.

U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.79 per cent.

___

12 p.m.

European stock markets have closed lower while oil prices fell sharply amid renewed concerns over the state of the Chinese economy.

A weak Chinese manufacturing survey was the trigger for the weak session in Europe. However, there are concerns that the traditional mantra of “sell in May and go away” may mean some choppy sessions ahead.

Chris Beauchamp, Senior Market Analyst at IG, says “the very fact that we are hearing so many references to ‘sell in May’ underscores how weak sentiment is.” However, he noted that April started equally badly but most global indexes ended the month higher.

The FTSE 100 index of leading British shares closed down 0.9 per cent at 6,185.59 while Germany’s DAX fell 1.9 per cent to 9,926.77. The CAC-40 in France ended 1.6 per cent lower at 4,371.98.

A barrel of benchmark New York crude was down $1.07, or 2.3 per cent, at $43.71.

___

9:35 a.m.

Stocks are opening lower on Wall Street, giving back most of a big gain from the day before.

Several companies were moving lower Tuesday after reporting disappointing results.

American International Group lost 2.5 per cent and Pitney Bowes gave up 6 per cent.

European markets were also lower.

The Dow Jones industrial average climbed fell 136 points, or 0.8 per cent, to 17,756.

The Standard & Poor’s 500 index lost 15 points, or 0.8 per cent, to 2,065. The Nasdaq composite fell 35 points, or 0.7 per cent, to 4,782.

___

6:50 a.m.

European stock markets have edged down after weak Chinese manufacturing figures stoked renewed concerns over the state of the world’s number 2 economy.

The Caixin magazine’s purchasing managers’ index for the manufacturing sector declined to 49.4 points from March’s 49.7 on a 100-point scale on which numbers below 50 show activity contracting.

Worries over the state of the Chinese economy were largely responsible for the turmoil in global financial markets in the early part of the year, and the weak survey resonated round the world.

In Europe, the FTSE 100 index of leading British shares is down 1.1 per cent at 6,176 while Germany’s DAX has fallen 1.8 per cent to 9,945. The CAC-40 in France is 1.6 per cent lower at 4,372. Wall Street is also poised to open lower, with Dow futures and the broader S&P 500 futures down 0.7 per cent.