U.S. stocks down amid negative economic data on the Euro-area

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Source: Dukascopy Bank SA
Most U.S. blue chips dropped yesterday, as economic data on the Eurozone's services and manufacturing output shrank more than estimated, sparking concerns over Euro-area's debt turmoil. In addition, the German purchasing managers' index slipped unexpectedly in March. The Dow Jones Industrial Average retreated 0.6%, or 90.24 points, to 14,421.49. All but one sector in the gauge inched lower. Cisco Systems slipped 3.8% for the biggest drop on Dow, as its stock rating was downgraded from market perform to underperform at FBR Capital Markets due to increased competition. Hewlett-Packard Co erased 2.6%  to close at $22.32, also adding to losses in tech shares that were 1.5% down. Furthermore, Bank of America led losses in financials on speculation the Consumer Financial Protection Bureau might take legal action against the bank because of unfair lending practice. Among best performers was Coca-Cola Co with a 0.5% surge, while Verzion Communications supported a rally in telecommunications group by adding 0.4% to $48.80.


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