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Wall St. ends down for day, month; indexes gain in quarter

Posted by: Admin | Posted on: September 30th, 2014 | 0 Comments

NEW YORK (Reuters) – U.S. stocks slipped on Tuesday, dragged down by energy and materials shares as economic data disappointed.

Major indexes also posted losses for the month, but ended the quarter with gains.

The SP energy index .SPNY was down 1.2 percent on Tuesday following a more than 3 percent drop in U.S. oil prices. The SP materials index .SPLRMA also fell 1.2 percent. Shares of Chevron (CVX.N), down 1 percent at $119.32, were the biggest drag on the SP 500.

The Thomson Reuters Jefferies CRB commodity index .TRJCRB ended down 1.6 percent, its largest daily decline since June 2013.

EBay (EBAY.O), up 7.5 percent at $56.63, was the SP 500’s biggest percentage gainer for the day, helping to limit losses. The company announced a plan to spin off its PayPal unit.

U.S. consumer confidence fell in September for the first time in five months and home prices in July rose less than expected from a year earlier, underscoring the unsteady nature of U.S. growth.

Analysts are skeptical of how many more gains are in store for the market this year, with the SP 500 up 6.7 percent since Dec. 31 and third-quarter earnings still ahead.

“The market continues to be very resilient, but it’s a monster market. I think you could have a weaker fourth quarter than you’ve gotten used to, and I think we’ve made our highs for the year already,” said Uri Landesman, president at Platinum Partners in New York.

Apple (AAPL.O) shares rose 0.6 percent to $100.75 after China approved iPhone 6 sales to begin Oct. 17.

The Dow Jones industrial average .DJI fell 28.32 points, or 0.17 percent, to 17,042.9, the SP 500 .SPX lost 5.51 points, or 0.28 percent, to 1,972.29 and the Nasdaq Composite .IXIC dropped 12.46 points, or 0.28 percent, to 4,493.39.

For the month, the Dow was down 0.3 percent, the SP 500 was down 1.5 percent and the Nasdaq was down 1.9 percent. For the quarter, the Dow rose 1.3 percent, the SP 500 gained 0.6 percent, and the Nasdaq climbed 1.9 percent.

Among the most active stocks on the NYSE were Ford Motor (F.N), down 2.12 percent to $14.79, a day after its disappointing profit forecast.

Besides eBay and Apple, the most actively traded stocks on Nasdaq included Move Inc (MOVE.O), up 37.1 percent at $20.96.

Declining issues outnumbered advancers on the NYSE by 1,942 to 1,133, for a 1.71-to-1 ratio on the downside; on the Nasdaq, 1,864 issues fell and 824 advanced for a 2.26-to-1 ratio favoring decliners.

The benchmark SP 500 index posted 15 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 42 new highs and 138 new lows.

About 7.2 billion shares changed hands on U.S. exchanges, above the 6.1 billion average for the last five sessions, according to data from BATS Global Markets.

(Editing by Nick Zieminski)

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