Dow falls for the fourth day

Source: Dukascopy Bank SA
© scanpix/AP
U.S. equities dropped for a fourth day on Thursday, yet recovering their earlier losses, after the House of Representatives announced it would meet this weekend to finally agree on the next year's budget. Investors search for any hint that would indicate that the "fiscal cliff" would be averted. Equities in the basic materials and financial sectors declined the most b y 0.70% and 0.24%, respectively, as they are more vulnerable to the economic performance. The Dow Jones industrial average slid 0.14%, or 18.28 points to 13,096.31. All but one sector in the index declined. Financials sector posted the biggest losses by shrinking 0.70%, as American Express shares fell 0.27%, and JPMorgan the largest U.S. bank dropped 0.75% to $43.63. A 1.26% decline in Alcoa's shares prompted losses in basic materials group that shrank 0.24%. Meanwhile, the only sector that improved, by adding 0.13%, was technology, lifted up by International Business Machines Corporation and Microsoft Corporation, after their shares added 0.40% and 0.33%, respectively. The losses in health care sector were bounded by rising shares of United Health Group that added 0.40%.


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