US equities moved sligtly lower on Tuesday

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Source: Dukascopy Bank SA
US equities were slightly lower on Tuesday despite positive news from the US. US current account deficit narrowed more than expected in Q2. At the same time, uncertainty over whether Spain will apply for bailout created heavy pressure on the US stock markets. The S&P 500 Index inched down by 0.13% to close at 1,459.32. Five out of ten sectors within the index climbed. Telecommunications and consumer goods were the biggest gainers in the S&P 500 index. CenturyLink and Frontier Communications advanced 0.88% and 0.42% while Amazon.com and Brown Forman gained 0.29% and 1.30%. At the same time, financials and utilities dragged the index lower. Comerica, KeyCorp and People's United Financial fell 0.99%, 0.22% and 0.82%, respectively. Among utility companies, Ameren and Consolidated Edison Company slumped 0.28% and 0.43%. On the downside was also Advanced Micro Devices, losing 9.73% after unexpectedly announcing that its CEO is leaving the company.

 

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