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U.S. stocks slide Wednesday

Oct. 31, 2012 at 6:58 PM   |   Comments

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NEW YORK, Oct. 31 (UPI) -- U.S. markets closed mixed Wednesday after a nearly unprecedented two-day derailment due to a massive hurricane that swept the East Coast.

Hurricane Sandy forced the closure of equity markets for two days -- the first multiple-day, weather-related closure since 1888.

Concerns arose over emergency systems and why they did not rise to the occasion and whether or not the financial district would get back up to speed smoothly. But the big trading boards at the New York Stock Exchange flickered back on at 9:30 a.m., using emergency generator power, and just-try-to-stop-us New York was back on line.

It turns out, however, what the hurricane did not sweep away was a general slump in equities, which returned despite what some expected would be a pent-up demand.

Investors also contemplated Walt Disney Co. buying Lucasfilm, the owners of "Star Wars" movies and investor Carl Icahn's purchase of 10 percent of Netflix.

Disney shares slipped as the $4 billion deal meant the company would issue 40 million new shares, The Wall Street Journal reported.

Netflix shares bounced on news that Icahn considered the company undervalued.

By close of trading on Wall Street, the Dow Jones industrial average shed 10.75 points, 0.08 percent, to 13,096.46. The Nasdaq composite index dropped 10.72 points, 0.36 percent, to 2,977.23. The Standard & Poor's 500 index added 0.22 points, 0.02 percent, to 1,412.16.

On the New York Stock Exchange, 1,764 stocks advanced and 1,284 declined on a volume of 3.5 billion shares traded.

The benchmark 10-year treasury gained 7/32 to yield 1.696 percent.

The euro fell to $1.2958 from Tuesday's $1.2959. Against the yen, the dollar rose to 79.80 yen from 79.62 yen.

In Tokyo, the Nikkei 225 index added 0.98 percent, 86.31, to 8,928.29.

In London, the FTSE 100 index lost 1.15 percent, 67.20, to 5,782.70.

Topics: Carl Icahn
© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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