US equities declined on Italian political woes

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Source: Dukascopy Bank SA
US stocks finished mostly lower on Wednesday amid political uncertainty in Italy. Weak data from Europe as well as a decline in the US pending home sales last month also put pressure on equities. The S&P 500 Index lost 0.06% to end the session at 1,555.95. Only four in ten sectors within the index were bullish. The top performers were defensive stocks; health care and utilities rose 0.53% and 0.42%. Gilead Sciences and Biogen Idec Inc. jumped 4.28% and 3.16%, the biggest and the third-biggest increases in the S&P 500. Among utilities, Exelon Corp. and Consolidated Edison Company gained 0.77% and 0.75%. Meanwhile, oil and gas industry also managed to climb despite heavy pressure from Cliffs Natural Resources Inc. Cliffs Natural Resources Inc. tanked 13.86% after Morgan Stanley downgraded its share rating to underweight. At the same time, telecommunications and industrials led losses. Centurylink and Frontier Communications Company dropped 0.23% and 2.55%, while Emerson Electric Company and Illinois Tool Works Inc. plunged 0.23% and 0.64%.
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