U.S. stocks slide

June 14, 2013 at 5:23 PM
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NEW YORK, June 14 (UPI) -- U.S. markets closed lower for the week with traders still focused on monetary policy.

The International Monetary Fund on Friday lowered its projection for U.S. economic growth to 1.9 percent for 2013. In its annual assessment of the U.S. economy, the IMF said sequestration cuts would slow down growth and that it was too early for the U.S. Federal Reserve to pull back on its $85 billion per month asset purchasing program.

By close of trading, the Dow Jones industrial average shed 105.90 points or 0.7 percent to 15,170,18. The Standard & Poor's 500 lost 9.63 points or 0.59 percent to end the day at 1,626.73. The Nasdaq composite gave up 21.81 points or 0.63 percent to 3,423.56.

On the New York Stock Exchange, 1,414 issues advanced and 1,667 declined on volume of 2.9 billion shares traded.

Japan's Nikkei 225 index, added 1.94 percent or 241.14 points to 12,686.52. Britain's FTSE 100 index added 0.06 percent or 3.63 points to 6,308.26.

On Friday, the 10-year treasury note rose 5/32 to yield 2.135 percent.

Crude oil prices closed at $96.65 a barrel on the New York Mercantile Exchange, gaining $1.02 or 1 percent. Gold added $12.30 to reach $1,390.20 a troy ounce on the Comex division of the New York Mercantile Exchange.

On currency markets, the euro rose to $1.3347. Against the yen, the dollar was lower at 94.08 yen.

On the Chicago Board of Trade, corn for July delivery added 10 1/2 cents to hit $6.54 per bushel, while soybeans gained 5 3/4 cents to close at $15.16 and wheat lost 5 1/2 cents to finish at $6.80.

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