Share

US stocks dip on mixed earnings, Greece woes

New York - US stocks finished barely lower on Thursday following mixed earnings and lacklustre economic data as worries about Greece's finances returned to the forefront.

The Dow Jones Industrial Average dropped 6.84 points to 18 105.77.

The broad-based S&P 500 dipped 1.64 points to 2 104.99, while the tech-rich Nasdaq Composite Index shed 3.23 points at 5 007.79.

New construction of homes in the United States rose 2.0% to an annual rate of 926 000 units, the Commerce Department said, a smaller increase than expected.

Initial claims for US unemployment insurance benefits rose to 294 000 last week, their highest level in six weeks and well above estimates, according to Labour Department data.

Equity markets in Britain, France and Germany fell sharply on concerns about slow progress in bailout negotiations between Greece and international creditors. International Monetary Fund chief Christine Lagarde played down talk of Greece delaying its debt payment to the Fund next month.

Citigroup gained 1.5% after first-quarter net income rose about 21% to $4.8bn on lower expenses.

Netflix surged 18.2% after reporting that global subscriptions rose above 60 million in the first quarter. Net income fell to $24m from $53m a year ago, due in part to the strong dollar.

Dow member Disney advanced 1.1% on buzz for its new "Star Wars" movie. The studio released a trailer for the film featuring Harrison Ford and others.

Tobacco giant Philip Morris International shot up 8.7% after lifting its 2015 forecast following a better-than-expected first quarter.

Brooklyn, New York-based firm Etsy nearly doubled in value in its first day of trade, rising 87.5%. The online company bills itself as the "antidote to mass manufacturing" by selling handmade and vintage goods.

Pharmaceutical company Teva lost 3.8% on news the US Food and Drug Administration approved a generic version of Copaxone, Teva's drug to treat multiple sclerosis.

Restaurant chain Panera Bread surged 11.6% as it increased its share repurchase programme to $750m and said it reached agreements to sell and refranchise 73 company-owned sites.

Bond prices were mixed. The yield on the 10-year US Treasury dipped to 1.89% from 1.90%, while the 30-year rose to 2.57% from 2.55%. Bond prices and yields move inversely.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders