US equities tumbled on Fed official's comments

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Source: Dukascopy Bank SA
US stocks dropped despite upbeat national data. US home prices rose more-than-expected in July while consumer confidence surged to seven-month high in September. Pushing the US stocks lower, the Federal Reserve Bank of Philadelphia President, Charles Plosser, warned that QE3 may prove to be insufficient in boosting growth in the country and may undermine credibility of the Fed. The S&P 500 sank 1.05% to close at 1,441.59. All sectors within the index plunged. The top-losers were basic materials and technology firms. Shares of Allegheny Technologies, Bemis and Cliffs Natural Resources shed 4.15%, 0.82% and 4.44%, respectively. Among technology companies, Accenture, Adobe Systems and Citrix Systems tumbled 1.32%, 1.56% and 2.25%, respectively. Red Hat also added to losses of the technology sector, falling by 4.28% after announcing lower-than-expected adjusted profits amid rising costs.

 

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Wed, 26 Sep 2012 16:04:27 GMT

US blue chips slid despite upbeat US data

The Dow Jones Industrial Average Index tumbled 0.75% to close at 13,457.55 on Tuesday. The US blue chips came under heavy pressure after the Federal Reserve Bank of Philadelphia President, Charles Plosser, dented risk-sentiment, stating that the QE3 will fail to boost faltering economy and may impact credibility of the US central bank. Capping the downward move of the US

Wed, 26 Sep 2012 14:45:26 GMT

New U.S. home sales fell in August, prices soared 11.2%

New home sales in the U.S. dropped surprisingly last month, but remained near two-year high, while prices soared to the highest level since 2007, a report by the Census Bureau showed Wednesday. Sales of new single-family homes in the U.S. fell to 373,000 last month, down from 374,000 in July. The average sales prices rocketed 11.2% to $256,900, posting the single biggest monthly increase ever

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