1.
U.S. markets recover from steep losses
NEW YORK, Feb. 22 (UPI) -- U.S. markets failed to find traction Wednesday after research firm Markit said business activity in the eurozone contracted in February.
The region's Purchasing Manager's Index came in at 49.7 for the month with numbers below 50 indicating business activity in retreat. The manufacturing index for the region came in at 49, the highest level in six months.
A day after financial leaders in Europe agreed to support Greece with an emergency bailout loan of $172 billion, investors were back to focusing on fundamentals.
The National Association of Realtors said the supply of existing homes on the market fell for the second consecutive month in January. NAR said there was a 6.1-month supply of homes on the market at the current pace of sales. That is down from a 6.2-month supply in December.
A smaller supply indicates prices could rise.
In other business news, the International Council of Shopping Centers said retail receipts in the U.S. jumped 3 percent in the week ending Saturday, as shoppers looked for winter clear out sales, took some interest in spring merchandise and spent some money on Valentine's Day.
By close of trading on Wall Street, the Dow Jones industrial average dropped 27.02 points or 0.21 percent to 12,938.67. The Standard & Poor's 500 index gave up 4.55 points or 0.33 percent to 1,357.66. The Nasdaq composite index lost 15.40 points or 0.52 percent to 2,933.17.
On the New York Stock Exchange, 1,193 stocks advanced and 1,855 declined on a volume of 3.4 billion shares traded.
The benchmark 10-year treasury note rose 17/32 to yield 2.007 percent.
The euro rose to $1.3248 from Tuesday's $1.3236. Against the yen, the dollar rose to 80.24 yen from 79.75 yen.
In Tokyo, the Nikkei 225 index rose 0.96 percent, 90.98 points, to 9,554.00.
In London, the FTSE 100 index slipped 0.2 percent, 11.65, to 5,916.55
|
|
|
|
|
|
| Additional Business News Stories | |
LONDON, May 25 (UPI) --
The British government unveiled a draft energy bill this week critics say will raise prices and favors new gas-fired power plants over renewable sources.
|
CANBERRA, Australia, May 25 (UPI) --
Lovitt Technologies in Melbourne, Australia, has won a contract with Boeing worth nearly $1 million for wing parts for all F/A-18 Super Hornet fighters worldwide.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
