US shares plunged on weak data

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Source: Dukascopy Bank SA
© Scanpix/AP
US stocks dropped on Wednesday as weak national data fuelled fears that upcoming fiscal cliff will drive the country into recession. Moreover, traders were cautious ahead of Chinese leadership change due on Thursday. However, mounting hopes that the Fed will continue its bond-buying programme next year limited losses in the US equities. The S&P Index plunged 1.39% to close at 1,355.49. All sectors slumped. On the upside, Abercrombie & Fitch Company was the top-gainer, rallying 34.45%. The company reported that its fiscal Q3 earnings soared 40% due to stronger margins and sales abroad. At the same time, industrials and financials dragged the US stock index lower. Cooper Industries and Emerson Electric sagged 1.11% and 3.09%, while Bank of America and Comerica shed 3.64% and 1.8%. Meanwhile, Advanced Micro Devices tumbled 7.66%, attaining a 52-week low. On Tuesday, Advanced Micro Devices denied rumours that it is going to sell the company.

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Thu, 15 Nov 2012 11:56:41 GMT

Dow slid after dismal retail sales numbers

US blue chips sank on Wednesday as dismal reports from the domestic economy and mounting concerns over Greek bailout dampened demand for riskier assets. US retail sales and PPI tumbled more-than-expected last month, indicating that economic recovery is under question. The Dow Jones Industrial Average Index plunged 1.45% to close at 12,570.95. Only one Dow company advanced. The only gainer

Thu, 15 Nov 2012 16:02:12 GMT

Silver rose on weak US data

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