US stocks closed lower on fiscal cliff concerns

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Source: Dukascopy Bank SA
© Scanpix/AP
US stocks tumbled for the second consecutive day as concerns on the U.S. budged talks in Washington rose, curtaining better-than-expected data on core durable goods, which surged 1.7% last month.  Moreover, Eurozone's finance ministers finally reached agreement on the Greek debt-aid package, thus boosting market sentiment. The S&P 500 index dropped 0.5% to 1,398.94.  The index has slid 2.1% since November 6, when Obama was re-elected. All but one sector within the S&P declined. The only industry that rose was utilities. On the upside, shares of Monster Beverage, Corning Inc. and Conagra Foods advanced 13.27%, 6.87% and 4.74% respectively. The latter finally won in a take-over fight and now is eligible to buy Ralcorp Holdings Inc., whereas Corning Inc. gained on an increased demand from China and North America. The best performer Monster Beverage rallied on reduced risk of regulation for the energy drink maker. The worst performer was Seagate Technology, with its shares falling 5.08%, as the so-called fiscal cliff is urging companies to sale off their stock.
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Wed, 28 Nov 2012 16:10:17 GMT

US blue chips dropped despite upbeat data

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Wed, 28 Nov 2012 13:43:17 GMT

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