Sunday, May 5, 2013

Wall Street falls after weak economic data

New York (The Car Insurance Info)-stocks on Wall Street fell on Wednesday (Thursday morning GMT), after data on employment and manufacturing is weakening as well as the Federal Reserve maintain the economic stimulus program aggressively.

Index Dow Jones Industrial Average lost 138,85 points (0.94 percent) to close at 14.700 .95.

Broad-based index S&P 500 down 14,87 points (0.93 percent) to be a visitor to .70, while the Nasdaq composite index of technology slump 29,66 points (0,89 cent) to 3299, 13.

Losses on Wednesday comes after the ADP jobs report showed job growth in April fell to the lowest level in seven months. The market also was disappointed by the report of the Institute for Supply Management (ISM) 's manufacturing activity showed a sharp slowing in April.

While the Federal Reserve maintain the bond purchase program of 85 billion u.s. dollars per month, while raising the possibility it could do more if needed.

Even so, the Fed announcement suggests there is a high bar to increase the purchase of bonds, said IHS Global Insight economist Paul Edelstein.

"The market is not too impressed with what the Fed is saying," said Edelstein as quoted AFP.

Dow Member Merck on Wednesday became the second largest pharmaceutical company lowered projected its profits in 2013 after Pfizer which trim Windows will arise on Tuesday.

Shares of Merck fell 2.7 percent after it cut its full year sales perkiraaan 2013 amounting to 3-4 percent.

Other Dow components that look fell, including Cisco was down 2.6 percent and Verizon was down 2.8 percent.

MasterCard lost 2.4 percent while analysts projected profit of great efforts.

Medical device and pharmaceutical company Allergan shrank 13.1 percent after acknowledging requires additional testing on the two drugs. Morgan Stanley lowered its stock rating because of the news.

Health care company Humana jumped 4.7 percent after announcing earnings that were better than expected and rebuild and increase the share of its stock repurchase program to as much as one billion US dollars.

The price of bonds rises. The yield on the 10-year government bonds dropped to 1.64 percent from 1.67 percent late Tuesday, while the yield on the 30-year bond declined to 2.84 percent from 2.88 percent.

Translator: Apep Suhendar

Car Insurance; Insurance

Car Insurance; Insurance; Health Insurance

Title Post: Wall Street falls after weak economic data
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Author: Mohammad Zulfi Satriawan

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