Most U.S. Equities drop on World Bank's forecast

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Source: Dukascopy Bank SA
U.S stocks mostly edged lower after gaining yesterday, as the World Bank forecast the global economy to contract in 2013, offsetting an increase in the Apple's shares. The S&P 500 index added less than 0.1% to 1,472.63. All but three sectors declined. Telecommunications shares lost the most by dropping 1.16%, followed by basic materials that erased 0.76%. Northern Trust Corporation shares eased 5.8% to $49.78, capping further gains in financial shares. Chipotle Mexican Grill Inc. lost 5.5% to $280.94 after the company reported better-than-expected fourth-quarter earnings. Dell Inc., in turn, slumped 4.3% to $12.61, halting its rally in the last two days. Meanwhile, technology stocks posted biggest gains, as Apple Inc. advanced 4.2% to $506.09, rebounding from its losses on Monday and Tuesday. Apple plans to introduce installment payments for IPhone buyers, as well as for buyers of MacBook laptops in Chinese market, since the world's valuable company faces stiff competition from low-cost devices. Genworth Financial was up 8.9%, the most in the gauge, as the insurance company aims at separating most of its parts from mortgage-guarantee operations.
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