Energy-sector stocks were among the day's worst performers
U.S. stocks closed with moderate losses on Tuesday, 30 December 2014 pushing the Dow Jones Industrial Average back below 18,000 for the first time in about a week. Equities began the day in negative territory and remained below their flat lines until the close.
The S&P 500 pulled back 10.22 points, or 0.5%, to finish at 2,080.35, a day after scoring its 53rd record close of the year. The Dow Jones Industrial Average shed 55.16 points, or 0.3%, to 17,983.07. The Nasdaq Composite lost 29.47 points, or 0.6%, to end at 4,777.44. All three main indexes endured their biggest drops in two weeks. The S&P is on pace for a yearly gain of 12.6% while the Dow is showing an 8.5% advance and the Nasdaq a 14.4% rise.
Energy-sector stocks were among the day's worst performers even as the U.S. oil benchmark stabilized, however briefly, a little above recent lows. Adding to the negative tone, a consumer-confidence figure jumped less than expected.
The utilities sector spent the entire session at the bottom of the leaderboard to narrow its 2014 gain to 26.6%. Despite today's retreat, the rate-sensitive group remains on track to finish the year ahead of the other nine sectors while health care, is all but sure to finish the year in the second place.
On the economic front, a trio of reports were due later in the day, beginning with initial weekly unemployment claims, followed by the Chicago Purchasing Managers Index for December and pending home sales for November.
The Conference Board's Consumer Confidence Index increased to 92.6 in December from an upwardly revised 91.0 (from 88.7) while the consensus expected an increase to 94.4. Over the last month, gasoline prices dropped to their lowest point in more than five years, equity markets have reached historic highs, and the employment situation improved notably, but the December reading came in below the 94.1 that was recorded in October.
More From This Section
The Case-Shiller 20-city Home Price Index for October rose 4.5% against a 4.4% increase expected by the consensus. The prior month's reading was revised down to 4.8% from 4.9%.
Bullion metals ended mixed at Comex on Tuesday, 30 December 2014 at Comex. Gold looked set to finish the year on a high note on Wednesday, holding above the key $1,200 mark ahead of the New Year's Day holiday and essentially breaking even for 2014.
Gold for February delivery advanced $2 to $1,202.40 an ounce, just a dime above its 2013 close of $1,202.30 an ounce. Gold prices have tumbled from $1,379 an ounce earlier this year, dragged down by sluggish demand from Asia and a stronger dollar. Silver for March delivery lost 4 cents to $16.24 an ounce after a strong showing in Tuesday's session.
Crude-oil futures bounced back on Tuesday, 30 December 2014 at Comex ahead of the release of weekly U.S. oil inventory data, after hitting fresh multi-year lows on oversupply concerns. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February settled up 51 cents, or 1%, at $54.12 a barrel, snapping a three-session losing streak.
However, participation was very limited with just 525 million shares changing hands at the NYSE floor.
Tomorrow, weekly MBA Mortgage Index will be released at 7:00 ET while Initial Claims will be reported at 8:30 ET (consensus 290K). The Chicago PMI report for December (consensus 60.0) will cross the wires at 9:45 ET while the Pending Home Sales report for November (expected 0.8%) will be released at 10:00 ET.
Powered by Capital Market - Live News