US shares plunged on weak data

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Source: Dukascopy Bank SA
© Scanpix/AP
US stocks dropped on Wednesday as weak national data fuelled fears that upcoming fiscal cliff will drive the country into recession. Moreover, traders were cautious ahead of Chinese leadership change due on Thursday. However, mounting hopes that the Fed will continue its bond-buying programme next year limited losses in the US equities. The S&P Index plunged 1.39% to close at 1,355.49. All sectors slumped. On the upside, Abercrombie & Fitch Company was the top-gainer, rallying 34.45%. The company reported that its fiscal Q3 earnings soared 40% due to stronger margins and sales abroad. At the same time, industrials and financials dragged the US stock index lower. Cooper Industries and Emerson Electric sagged 1.11% and 3.09%, while Bank of America and Comerica shed 3.64% and 1.8%. Meanwhile, Advanced Micro Devices tumbled 7.66%, attaining a 52-week low. On Tuesday, Advanced Micro Devices denied rumours that it is going to sell the company.

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Thu, 15 Nov 2012 11:56:41 GMT

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