Dow inches lower on concerns about budget deficit

Source: Dukascopy Bank SA
© scanpix/AP
Dow erased this week's gains on concerns Fed will end the bond purchasing somewhere this year. After the budget deal this week, investors are now paying their attention to confrontations between Republicans and White House over government spending. In addition, a larger number of Americans than forecast claimed for unemployment benefits last week. The Dow Jones Industrial Average slumped 0.2% to 13,391.36 on Thursday. All but two sectors in the index declined. The biggest U.S. insurer UnitedHealth Group inched 4.7% lower after it was cut from buy to hold at Deutsche Bank, pacing losses in the health care sector. Health care shares lost 0.88%, the worst performing group in the index. Furthermore, Microsoft Corporation tumbled 1.4% adding to a 0.5% decline in technology stocks. Meanwhile, Merck & Co, global health care company, advanced 2.5% to $42.33 halting losses in the week performing stocks of health care sector. Caterpillar edged 1% higher, adding to gains in industrials group that increased 0.34%.


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Fri, 04 Jan 2013 13:39:55 GMT

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