Monday, 24 September 2012
FKLI Related News
NEW YORK, Sept 24 (Reuters) - U.S. stocks edged lower on Monday as a disappointing forecast from Caterpillar and weak German data increased concerns that global growth may remain sluggish.
Minutes before the close, Caterpillar cut its earnings forecast for 2015, citing weakness in the world economy. Its stock fell 0.9 percent to $90.87 and was the top drag on the Dow. After the bell, Caterpillar's stock lost another 2.1 percent to $88.99. An index of German business sentiment declined for a fifth consecutive month in September, showing Europe's strongest economy was moving closer toward recession as the euro zone's debt crisis remains unresolved. Concerns about a stalling global economy also were reflected in energy and technology shares, with the S&P energy index down 0.5 percent and the S&P 500 technology index down 0.8 percent.
The Dow Jones industrial average declined 20.55 points, or 0.15 percent, to close at 13,558.92. The Standard & Poor's 500 Index shed 3.26 points, or 0.22 percent, to 1,456.89. The Nasdaq Composite Index dropped 19.18 points, or 0.60 percent, to end at 3,160.78.
Dragging down the Nasdaq, Apple Inc fell 1.3 percent to $690.79 even as its latest iPhone sold out. Concerns arose that the company was unable to produce the new phone quickly enough to meet demand. Among other high-profile tech decliners, Facebook shares dropped 9.1 percent to $20.79. It was the Nasdaq's most actively traded stock. In contrast, shares of Google Inc, the world's No. 1 search engine, climbed to a record high of $750.04 as analysts said its solid advertising business and its revenue make the company look more attractive compared with once-hot newcomers to the social media scene. Google's stock closed at $749.38, up 2.1 percent.
Oil prices fell more than 1 percent on Monday, dragged by disappointing German economic data that reinforced concerns about the global economy and the outlook for fuel demand. The euro fell on Monday as investors looked past recently announced central bank stimulus plans to focus on weak German economic data and the euro zone's unresolved debt crisis.
Malaysia shares end down 0.7% at 1612.38, weighed by profit-taking amid renewed eurozone debt concerns; although declines are likely to be limited as "we expect some investors to buy on dips and underpin the market," says a local dealer, tipping the broader market to move in a 1595-1620 band in the near term. [Dow Jones Newswire]