US close: Stocks slip after Draghi comments

RELATED QUOTES

SymbolPriceChange
ROST68.43-0.10
GPS38.92-0.19
FMC75.83-1.10
AKAM53.35-0.42
EFX69.08-0.98

LONDON (ShareCast) - - ECB's Draghi spreads gloom with comments
- US economic data comes in mixed
- FOMC member says Fed will maintain accommodative policy

Dow Jones (DJI: ^DJI - news) : -0.30%
Nasdaq: -0.11%
S&P 500: -0.21%

US stocks finished with moderate losses on Thursday with cyclical stocks bearing the burnt of the selling on the back of mixed economic data and concerns over Europe.

"We have had a great start to the year and everyone is looking for reasons for a pullback," said Art Hogan, managing director of Lazard Capital Markets.

However, markets finished well off their intraday lows as the President of the Chicago Federal Reserve, Charles Evans, said on CNBC that he is optimistic that the US economy is recovering. Evans, a voting member on the Federal Open Market Committee, said that the Fed will maintain its accommodative policy until the economy improves further.

Eyes turn to Europe

Comments from European Central Bank (ECB) President Mario Draghi were weighing on market sentiment on Thursday.

Speaking after the ECB kept hold of rates at its policy meeting, he said that the recent rise in the euro could post a threat to the inflation outlook and hamper the recovery across the continent.

He said: "The appreciation is a sign of the return of the confidence in the euro. [...] We certainly want to see whether the appreciation, if sustained, will alter our risk assessment as far as price stability is concerned."

The Bank of England also left rates (and asset purchases) unchanged but warned that risks to the economy are "weighted to the downside".

Apple (NasdaqGS: AAPL - news) gains; banks fall

Tech giant Apple was one of the best performers on the Nasdaq after saying that it is in talks about returning more cash to shareholders following criticism from Greenlight Capital manager David Einhorn.

Banks were weighing on the Dow on Thursday, with Bank of America and JPMorgan Chase & Co (NYSE: JPM - news) among the worst performers.

Media giant Time Warner (NYSE: TWX - news) rose after net income jumped 51% in the fourth quarter on flat revenues, while its dividend was raised by 11%.

Credit card group Visa (NYSE: V - news) was in the red after Wells Fargo (Other OTC: WFCNO - news) downgraded the stock from 'overweight' to 'hold'.

Unit labour costs rose sharply

Initial weekly unemployment claims fell by 5,000 to 366,000, but the consensus estimate was for a larger fall to 360,000.

Non-farm productivity fell at an annualised rate of 2.0% in the fourth quarter, more than the 1.4% foreseen. Unit labour costs, on the other hand, shot up in the opposite direction, at a 4.5% clip.

Analysts at Barclays Research said: "While this is likely to rebound to a certain extent as output growth recovers, we judge that trend productivity growth of around 1-2% will become the norm, consistent with our view that potential output growth has slowed relative to the pre-recession period."


S&P 500 - Risers
FLIR Systems Inc (NasdaqGS: FLIR - news) . (FLIR) $26.02 +9.88%
CBRE Group Inc (NYSE: CBG - news) (CBG) $23.81 +8.97%
O'Reilly Automotive Inc. (ORLY) $100.05 +8.06%
Cablevision Systems Corp. (CVC (Taiwan OTC: 4744.TWO - news) ) $15.17 +5.57%
Safeway Inc (NYSE: SWY - news) . (SWY) $20.34 +4.90%
Stericycle Inc (NasdaqGS: SRCL - news) . (SRCL) $98.20 +3.24%
AutoZone Inc (NYSE: AZO - news) . (AZO) $379.85 +2.94%
Cognizant Technology Solutions Corp. (CTSH) $78.51 +2.94%
CIGNA Corp (NYSE: CI - news) . (CI) $61.35 +2.82%
Tesoro Corp. (TSO) $52.55 +2.72%

S&P 500 - Fallers
Akamai Technologies Inc (NasdaqGS: AKAM - news) . (AKAM) $35.26 -15.20%
Teradata Corp. (TDC (Other OTC: TDCAF - news) ) $61.82 -7.11%
Equifax Inc (NYSE: EFX - news) . (EFX) $55.83 -6.51%
Snap On Inc. (SNA) $77.24 -4.62%
Scripps Network Interactive Inc. (SNI) $59.97 -3.68%
FMC Corp (NYSE: FMC - news) . (FMC) $59.77 -3.36%
Limited Brands Inc (NYSE: LTD - news) . (LTD) $45.68 -3.30%
Gap Inc (NYSE: GPS - news) . (GPS) $32.23 -2.98%
Cliffs Natural Resources Inc (NYSE: CLF - news) . (CLF) $36.24 -2.89%
Weyerhaeuser Co (NYSE: WY - news) . (WY) $30.08 -2.87%

Dow Jones I.A - Risers
American Express Co. (AXP) $62.14 +2.61%
Coca-Cola Co. (KO) $38.91 +1.57%
Boeing Co (NYSE: BA - news) . (BA) $77.43 +1.49%
United Technologies Corp (NYSE: UTX - news) . (UTX) $89.95 +0.65%
Travelers Company Inc. (TRV) $79.12 +0.20%
General Electric Co. (GE) $22.48 +0.18%

Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $88.25 -1.72%
Caterpillar Inc (NYSE: CAT - news) . (CAT (Taiwan OTC: 4990.TWO - news) ) $96.11 -1.63%
Hewlett-Packard Co. (HPQ) $16.44 -1.50%
Pfizer Inc (NYSE: PFE - news) . (PFE) $26.96 -1.32%
Intel Corp. (INTC) $20.81 -0.86%
JP Morgan Chase (Other OTC: JFTTL - news) & Co. (JPM) $48.23 -0.78%
Chevron Corp. (CVX) $115.02 -0.77%
Bank of America Corp. (BAC) $11.84 -0.75%
Alcoa Inc (NYSE: AA - news) . (AA) $8.90 -0.67%
Verizon Communications Inc. (VZ) $44.46 -0.65%

Nasdaq 100 - Risers
O'Reilly Automotive Inc. (ORLY) $100.05 +8.06%
Stericycle Inc. (SRCL) $98.20 +3.24%
Liberty Global Inc (NasdaqGS: LBTYA - news) . Series A (LBTYA) $68.07 +3.04%
Cognizant Technology Solutions Corp. (CTSH) $78.51 +2.94%
Virgin Media Inc (NasdaqGS: VMED - news) . (VMED) $46.04 +2.56%
Apple Inc. (AAPL) $468.22 +2.38%
Yahoo (NasdaqGS: YHOO - news) ! Inc. (YHOO) $20.32 +2.37%
Ross Stores Inc (NasdaqGS: ROST - news) . (ROST) $60.29 +2.00%
Cerner Corp. (CERN) $86.56 +1.29%
Starz Class A (STRZA) $16.44 +1.17%

Nasdaq 100 - Fallers
Akamai Technologies Inc. (AKAM) $35.26 -15.20%
Micron Technology Inc (NasdaqGS: MU - news) . (MU) $7.73 -2.77%
Monster Beverage Corp (MNST) $48.15 -2.63%
F5 Networks Inc (NasdaqGS: FFIV - news) . (FFIV) $105.00 -2.47%
News Corp (NasdaqGS: NWS - news) . Class A (NWSA) $27.56 -2.34%
Staples Inc (NasdaqGS: SPLS - news) . (SPLS) $13.16 -2.23%
Regeneron Pharmaceuticals Inc (NasdaqGS: REGN - news) . (REGN) $163.99 -2.17%
Baidu Inc (NasdaqGS: BIDU - news) . (BIDU) $96.27 -2.13%
Avago Technologies Ltd. (AVGO) $34.96 -1.91%
Randgold Resources Ltd. Ads (GOLD) $95.17 -1.84%


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