Stocks open mostly lower on Wall Street - Fox 2 News Headlines

Stocks open mostly lower on Wall Street

Posted: Updated:

By STEVE ROTHWELL
AP Markets Writer

NEW YORK (AP) -- Stocks opened lower at the start of the week after logging their biggest weekly loss in almost two months.
 
The stock market has been treading water in August as companies finished reporting earnings for the second quarter and investors considered when the Federal Reserve will start to ease back on its economic stimulus. The U.S. central bank is buying $85 billion a month to keep long-term interest rates low, and many analysts are expecting that it will start reducing those purchases as soon as next month.
 
"There will be some near-term volatility but it's a buying opportunity and a chance to get fully invested in the market," said Doug Cote, chief market strategist with ING U.S. Investment Management. A cut in stimulus "is not a risk, it's the most telegraphed event in the world."
 
The tepid August for stocks follows big gains for July, when the S&P 500 rose 5 percent, its biggest monthly gain since January. Stocks climbed that month after Fed Chairman Ben Bernanke reassured investors that the Fed would only ease back on its stimulus if the economy was strong enough to handle it.
 
Sluggish economic growth figures from Japan also disappointed investors.
 
The 2.6 percent annualized second-quarter growth rate recorded in Japan, the world's third-largest economy, was below the 3.8 percent rate recorded in the first quarter and the 3.6 percent predicted by analysts. Japan's main stock index, the Nikkei, fell 0.7 percent on the news.
 
The Dow Jones industrial average fell 27 points, or 0.2 percent, to 15,398 in the first hour of trading. The Standard & Poor's 500 index fell 3 points, or 0.2 percent, to 1,688. The Nasdaq composite rose 3 points, or 0.1 percent, to 3,662.
 
In commodities trading, the price of gold rose for a fourth day, climbing $23.70, or 1.8 percent, to 1,335.50 an ounce. The rise in the price of gold gave a lift to Newmont Mining, which advanced $1.70, or 5.8 percent, to $31.23.
 
The price of oil fell 75 cents, or 0.7 percent, to $105.21 a barrel.
 
The dollar rose against the euro and the Japanese yen.

Among stocks making big moves on Monday.
 
-- Krispy Kreme rose $1.22, or 5.6 percent, to $22.58 after the stock was upgraded by an analyst at Janney Capital Markets on the expectation that the company will have stronger sales growth than previously expected.
 
-- BlackBerry jumped 46 cents, or 4.7 percent, to $10.24, after the struggling smartphone maker said it would consider a sale. The Canadian company said Monday its board has formed a special committee to explore alternatives in hopes of increasing sales of its BlackBerry 10 smartphone.
 
--Sysco, a food distributor, fell $1.16, or 3.3 percent, to $33.85 after the company said that its net income fell 9 percent due to higher operating expenses and restructuring charges.

  • Your MoneyMore>>

  • OKCupid, Facebook not alone in studying consumers

    OKCupid, Facebook not alone in studying consumers

    Tuesday, July 29 2014 4:51 PM EDT2014-07-29 20:51:44 GMT
    Think you're in control? Think again. This week, OKCupid became the latest company to admit that it has manipulated customer data to see how users of its dating service would react to one another. The New York-based Internet company's revelation follows news earlier this month that Facebook let researchers change news feeds to see how it would affect users' moods.
    Think you're in control? Think again. This week, OKCupid became the latest company to admit that it has manipulated customer data to see how users of its dating service would react to one another. The New York-based Internet company's revelation follows news earlier this month that Facebook let researchers change news feeds to see how it would affect users' moods.
  • New York's microbrew industry growing

    New York's microbrew industry growing

    Monday, July 28 2014 8:39 PM EDT2014-07-29 00:39:52 GMT
    Local and small beer brewing companies have something to toast. The Brewers Association says microbrew sales grew in the first half of this year; up 18 percent over the same period last year. This comes at a time when overall domestic beer consumption is flat.Ethan Long, one of the owners of the Rockaway Brewing Company in Long Island City, started brewing beer two years ago.
    Local and small beer brewing companies have something to toast. The Brewers Association says microbrew sales grew in the first half of this year; up 18 percent over the same period last year. This comes at a time when overall domestic beer consumption is flat.Ethan Long, one of the owners of the Rockaway Brewing Company in Long Island City, started brewing beer two years ago.
  • Maryland casino to interview workers from closing Atlantic City casinos

    Md. casino eyes workers from closing Atlantic City casinos

    Friday, July 25 2014 4:32 PM EDT2014-07-25 20:32:23 GMT
    AP photoAP photo
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices