US blue chips tumble on budget standoff

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Source: Dukascopy Bank SA
US blue chips tanked on Wednesday, snapping two-day winning streak as US budget standoff created pressure on demand for riskier assets. However, slightly better-than-expected building permits figure coupled with positive Eurozone's data limited the downswing. Meanwhile, market players also awaited the BoJ meeting outcome due on Thursday. The Dow Jones Industrial Average Index lost 0.74% to close at 13,251.97. All sectors included in the index slumped. The top-losers were financials and telecommunications. Shares of American Express, Bank of America and JPMorgan Chase & Co dipped 1.78%, 1.41% and 0.78%, respectively. Among telecommunications, AT&T and Verizon Communications dived 1.25% and 1.12%. Adding pressure on the US blue chips index, oil and gas companies halted the rally despite energy prices moving higher. Chevron and Exxon Mobil slumped 0.19% and 1.32%.


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