US blue chips inched down; technology firms led losses

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Source: Dukascopy Bank SA
© Scanpix/AFP
The Dow Jones Industrial Average Index eased down by 0.06% to close at 13,548.94. Disappointing data from the US labour market coupled with vanishing hopes for large stimulus in China created heavy selling pressure on the US stocks. At the same time, upbeat manufacturing data from Philadelphia-region supported US equities. Philadelphia-region manufacturing activity indicated expansion for the first time in the last six month in October. Six out of nine sectors included in the index gained. The best-performers were telecommunications and health care companies. AT&T and Verizon Communications advanced by 0.84% and 2.37%. Verizon Communications reported that revenues were slightly better than forecasts. The company also added that the number of customers increased in Q3. Financials also moved higher, with Travelers Cos leading the gains. The company's stock climbed 3.59% on encouraging quarterly results. Dragging the US blue chips index lower, technology firms declined by 2.06%. IBM, Intel and Microsoft shed 2.83%, 0.55% and 0.17%, respectively.



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