US equities closed lower on fiscal worries

Source: Dukascopy Bank SA
© Scanpix/AP
US stocks ended pre-holiday week in the red territory as risk sentiment was dampened by mounting concerns over the US fiscal impasse. Negative figures from the Eurozone also pushed US stocks lower. However, positive US data releases limited losses of US shares. The S&P 500 Index dipped 0.94% to close at 1,430.15. All sectors within the index tumbled. The top-losers were consumer services as well as oil and gas firms. Among consumer services, Darden Restaurants and H&R Block slid 0.75% and 1.64%. Meanwhile, energy stocks declined on worries that so-called fiscal cliff will cut oil demand in the country. Anadarko Petroleum, Baker Hughes and Cabot Oil & Gas slumped 0.68%, 1.31% and 0.47%, respectively. Anadarko Petroleum announced it agreed with Eni SpA to continue development of natural-gas reservoirs near coast of Mozambique. Other notable loser among oil and gas firms was Conocophillips. Conocophillips dropped 1.13% after it started its three-year asset-sale plan to improve the balance sheet.

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