US shares dropped on Friday

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Source: Dukascopy Bank SA
© Scanpix/AFP
US shares slumped on Friday as market participants were concerned that Q3 profits would be lower than forecast. At the same time, upbeat US consumer confidence data limited losses of the US stocks. Meanwhile, traders remained cautious ahead of the key China's data due next week. The S&P 500 Index dropped 0.30% to close at 1,428.59. Four in ten sectors within the index climbed. The top-gainers were consumer goods and technology firms. Shares of AutoNation and Family Dollar Stores gained 0.89% and 0.44% while Amphenol and Apple rose 0.12% and 0.26%. At the same time, telecommunications and financials dragged the index lower. CenturyLink, Sprint Nextel and Frontier Communications slumped 0.31%, 0.52% and 1.03%, respectively. Advanced Micro Devices was the top-loser, plunging 14.38% after announcing that Q3 revenues are likely to drop by 10% compared to the preceding quarter. Among financials, Comerica, Fifth Third Bancorp and People's United Financial dropped by 2.15%, 3.90% and 1.47%, respectively.
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Mon, 15 Oct 2012 17:17:30 GMT

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