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S&P records biggest weekly loss in seven weeks

Aug. 9, 2013 at 6:19 PM   |   Comments

NEW YORK, Aug. 9 (UPI) -- The Standard & Poor's 500 index recorded its biggest weekly loss in seven weeks as U.S. stock indexes fell Friday after rising only one day this week.

The Dow Jones industrial average dropped 72.81 points, or 0.5 percent, to close at 15,425.51.

The loss was on top of 187 points the Dow lost Monday through Wednesday before gaining 28 points Thursday. The overall 1.5 percent loss for the week ended six straight weeks of advances.

The S&P -- which rallied 19 percent so far this year and closed at a record 1,709.67 Aug. 2 -- shed 6.06 points, or 0.4 percent, to close at 1,691.42. The loss ate up Thursday's gain.

The technology-heavy Nasdaq composite index slipped 9.02 points, or 0.3 percent, to close at 3,660.11.

Volume was roughly 5.3 billion shares traded on the New York Stock Exchange. Declining stocks outnumbered advancing issues by a 15-14 ratio.

The benchmark 10-year treasury note slipped 0.0086 to yield 2.582 percent.

In Asia, Japan's Nikkei 225 stock index inched up 9.63 points, or 0.1 percent, to close at 13,615.19 after a week of declines, as the yen strengthened against the U.S. dollar.

Hong Kong's Hang Seng Index closed up 151.68 points, or 0.7 percent, at 21,807.56, while Shanghai's SSE Composite Index gained 7.34 points, or 0.4 percent, at 2,052.24.

Britain's FTSE 100 index rose 53.71 points, or 0.8 percent, at 6,583.39.

The Stoxx Europe 600, which represents companies across 18 European countries, finished up 1.75, or 0.6 percent, at 305.92.

Crude-oil futures rebounded after five straight losing sessions on news China's industrial production grew more than most economists expected.

China is the world's No. 2 oil importer.

Light, sweet crude for September delivery rose $2.57, or 2.5 percent, to settle at $105.97 a barrel on the New York Mercantile Exchange.

North Sea Brent crude for September delivery climbed $1.54 higher to settle at $108.22 a barrel on the IntercontinentalExchange.

China's industrial output rose an annual 9.7 percent in July, up 0.8 percent from June's 8.9 percent, China's National Bureau of Statistics said Friday. Most economists had expected an output increase of about 9 percent.

Gold for December delivery rose for the third straight session, adding $2.30, or 0.3 percent, to end the day at $1,312.20 a troy ounce on the New York Mercantile Exchange.

September silver gained 22 cents to settle at $20.41 an ounce.

The U.S. dollar eked out a minor gain against most major rivals, increasing 0.5 percent against the Japanese yen to 96.22 from 96.70 yen in late New York trading Thursday.

The euro slipped to $1.3342 from $1.3384 late Thursday, leaving it up 0.5 percent for the week.

Corn futures fell to their lowest price in three years on expectations of a record crop due to favorable weather.

On the Chicago Board of Trade, corn for December delivery fell 6.5 cents, or 1.4 percent, to close at $4.5325 a bushel, its lowest price since August 2010. The price is down 46 percent from its year-ago peak of $8.39 a bushel.

December wheat fell 7.75 cents, or 1.2 percent, at $6.335 a bushel, its lowest price in 14 months.

November soybeans fell 2 cents, or 0.2 percent, at $11.8225 a bushel.

Topics: Brent Crude
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