US blue chips dropped despite upbeat data

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Source: Dukascopy Bank SA
© Scanpix/AFP
US stocks slipped on Tuesday, as Harry Reid, Senate Majority leader, announced that little progress has been made in averting the fiscal cliff. However, the decline in equities was capped by consumer confidence data, reaching the highest level in four years. Dow Jones fell to 12,878.13 on Tuesday, down 89.24 points or 0.7%. All but one sector tumbled. The only sector that slightly advanced was basic materials, adding 0.12%. The sectors that lost the most were oil and gas and health care. The financial industry suffered as well, as shares of American Express and Bank of America eased 2.24% and 1.93%. Hewlett-Packard declined the most, as one of the company's stockholders is taking a legal action against it on suspicion of illegal accounting practices in its two acquisitions. The accounting scandal has caused almost a double-decline in the stock price and called for the biggest financial loss in the HP's history. Meanwhile, among the best performing companies were Boeing and Intel Corporation.


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Wed, 28 Nov 2012 16:35:22 GMT

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