Back
14 Apr 2015
US stocks decline on growth concerns
FXStreet (Mumbai) - US stock markets turned lower after a positive start on Tuesday after the weak economic data and downward revision of growth forecast by the International Monetary Fund triggered growth concerns.
The Dow Jones Industrial Average fell 25.54 points, or 0.14%, to 17,950.50. The S&P 500 fell four points, or 0.20%, to 2088.20. The Nasdaq Composite Index gained six points, or 0.1%, to 4994.
Shares in JP Morgan rose 2.25% after the bank said its first-quarter profit rose 12%, boosted by strong results in its trading business. Johnson & Johnson said first-quarter profit fell 8.6%, and it reduced its 2015 per-share earnings outlook amid increased pressure from a strong U.S. dollar.
On the macro front, the U.S. Census Bureau announced today that retail sales in March rose 0.9%, compared to the expectation of a 1.1% gain. The February retail sales figure has been revised upwards to -0.5% from -0.6%. Meanwhile, the International Monetary Fund (IMF), in its World Economic Outlook, revised US growth forecast for 2015 to 3.1% vs 3.3% in January.
Elsewhere, gold traded 0.38% lower at USD 1194.70/Oz, while the WTI crude futures rose 1.89% higher to USD 52.89. The yield on the 10-year Treasury note fell to 1.873% from 1.938% on Monday.
The Dow Jones Industrial Average fell 25.54 points, or 0.14%, to 17,950.50. The S&P 500 fell four points, or 0.20%, to 2088.20. The Nasdaq Composite Index gained six points, or 0.1%, to 4994.
Shares in JP Morgan rose 2.25% after the bank said its first-quarter profit rose 12%, boosted by strong results in its trading business. Johnson & Johnson said first-quarter profit fell 8.6%, and it reduced its 2015 per-share earnings outlook amid increased pressure from a strong U.S. dollar.
On the macro front, the U.S. Census Bureau announced today that retail sales in March rose 0.9%, compared to the expectation of a 1.1% gain. The February retail sales figure has been revised upwards to -0.5% from -0.6%. Meanwhile, the International Monetary Fund (IMF), in its World Economic Outlook, revised US growth forecast for 2015 to 3.1% vs 3.3% in January.
Elsewhere, gold traded 0.38% lower at USD 1194.70/Oz, while the WTI crude futures rose 1.89% higher to USD 52.89. The yield on the 10-year Treasury note fell to 1.873% from 1.938% on Monday.