US stocks close on a sour note

Publish date: Sat, 31 Aug 2013, 11:48 AM
NEW YORK: US stocks closed a mostly downcast week on a sour note on Friday following fresh indications the Obama administration plans military action against Syria.

The Dow Jones Industrial Average lost 30.64 points (0.21 percent) at 14,810.31. The broad-based SandP 500 dropped 5.20 points (0.32 percent) to 1,632.97, while the tech-rich Nasdaq Composite Index gave up 30.43 points (0.84 percent) at 3,589.87.

Friday's trade was light on the last session of the month and before the long holiday weekend. US financial markets will be closed Monday for the Labour Day federal holiday.

Uncertainty about Syria, coupled with uncertainty about the Federal Reserve's September policy meeting and low trading volumes, produced a "buyer's strike" this week, said David Levy, portfolio manager of Kenjol Capital Management.

"There's just no impetus to buy," Levy said. "We're heading into a three-day weekend with plenty of uncertainty and we're also heading into a month with quite a bit of uncertainty."

Several leading technology companies had bad days, including Google (down 1.0 percent), Amazon (down 1.1 percent), Netflix (down 1.4 percent) and eBay (down 2.0 percent).

An exception was cloud computing company Salesforce.com, which surged 12.6 percent after earnings came in at 9 cents per share, two cents above estimates. The company also reported better-than-expected revenues and raised its full-year profit forecast.

Splunk, which provides technology for managing data, gained 12.9 percent after revenues came in at US$66.9 million instead of the analyst forecast of US$63.1 million. The company listed more than a dozen new corporate customers and raised its full-year revenue forecast.

US Airways and American Airlines parent AMR rose 1.3 percent and 4.4 percent, respectively, after a US judge set a November trial date for the government's antitrust lawsuit challenging their proposed merger, in a victory for the airlines. The Justice Department had proposed the trial start in March.

Independent oil and gas company Apache jumped 9.0 percent after announcing a deal with China's Sinopec to receive US$3.1 billion in cash in exchange for granting Sinopec a 33 percent stake in a joint-venture to develop Apache's Egypt oil and gas business.

The deal reduces Apache's exposure to Egypt during a time of political upheaval in the North African country. -- AFP
Discussions
Be the first to like this. Showing 13 of 13 comments

KC Loh

should be ok now. no face loss to everyone especially Obama
http://www.businessinsider.com/obamas-changed-his-mind-on-syria-at-the-last-minute-2013-8

2013-09-01 16:38

Saturn

Post removed.Why?

2013-09-01 17:13

Saturn

Post removed.Why?

2013-09-01 17:16

Saturn

Macam mana....challenge on bonus and mah sing, now so quiet???....
Want to hammer CP Teh with you poor knowledge......kakakakaka......there is still a lot on the farm to cangkul...

2013-09-01 17:18

Saturn

Post removed.Why?

2013-09-01 17:21

KC Loh

this is a war america cannot win with UN backing it!

https://www.dropbox.com/s/8jgs7oeh2ouk6x8/1240332_230595907091203_663547452_n.jpg

2013-09-01 17:54

Saturn

Without UN....without UK....and against Russia....

2013-09-01 21:41

Saturn

Post removed.Why?

2013-09-01 21:43

Abudance

3 major events to wait and see .. 9 sept, then meeting between Obama and Russia president, then fed reserved in mid sept.
do best wait out for 2 weeks do not to waste capital ... Unless u have insider news!!

2013-09-01 22:08

inwest88

Agree with Abundance. Thus three opportunities to pick stocks at lower prices !

2013-09-01 22:11

Saturn

Post removed.Why?

2013-09-01 22:12

Stockwatch

Fitch and Moody's have already made their assessment of Malaysia..now waiting for the wildcard Standard & Poor's.Wonder when will they make their announcement?

2013-09-01 22:15

topseeker

Hafiz, saturn sure follow ur call buy on mahsing. after he lost alof of money . he want to find someone to be blamed and you are the one. Hafizz... u better change account .haha

2013-09-02 08:47

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