U.S. shares extend losses on slumping retailers

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Source: Dukascopy Bank SA
U.S. equities extended their losses for the third consecutive day, as retailers shrank after the Christmas holiday pairing with concerns about the final outcome of the nation's budget negotiations. The S&P 500 index dropped 0.5% to 1,419.83 on Wednesday. Nine out of 10 groups in the index inched lower, with basic materials being the only sector surging. Cliffs Natural Resources added 2%, as raw-material stocks gained on speculation Japanese new government will launch more monetary stimulus. Alpha Natural Resources capped losses in the energy sector by adding 5.54%, while Penney J.C. advanced 4.43% and Ford Motor gained 3.46%. Meanwhile, consumer discretionary stocks mostly paired losses. Coach Inc. and Amazon.com posted the biggest losses of 5.89% and 3.86%, respectively, and triggered a  0.75% decline in the consumer goods sector. The shares of apparel company Abercrombie & Fitch Co posted third biggest decline of 3.52%. The worst performing group was Consumer services by losing 1%, followed by Utilities erasing 0.93%. In addition, Apple Inc., the most valuable company, slid 1.4%, as technology shares dropped 0.56%.


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