BLBG: U.S. Equities Slip After Employment Data as Bank Shares Decline
U.S. stocks erased most of their losses but ended lower to halt a two-day equity advance, as investors assessed mixed economic data and bank stocks posted their worst drop in almost a month.
The S&P 500 slid less than 0.1 percent to 2,269 at 4 p.m. in New York after falling more than 0.4 percent earlier. The Dow Jones Industrial Average lost 43 points to 19,899. The S&P 500 rose 0.6 percent on Wednesday in a broad-based rally following the release of the Federal Reserve’s latest policy meeting minutes and is 1.4 percent higher in the first three days of 2017.
Six of 11 sectors finish lower with declines steepest in financials, industrials and energy companies
S&P banking index down 1.4%
Energy shares down 0.3%; crude oil reverses loss, up 0.9%
VIX down 1.5% for third straight day of gains
The dollar extended losses, after dropping yesterday following minutes from the Fed’s December meeting that showed the central bank was more concerned about a strong currency
S&P retail index pared earlier losses, ending day down less than 0.1%
Kohl’s Corp. tumbled 19% after lowering its fiscal 2016 profit forecast; Macy’s Inc. slid 14% after the largest U.S. department-store company cut its earnings outlook and pledged to eliminate 6,200 jobs
Companies added fewer jobs than forecast in December, data from the ADP Research Institute in Roseland, New Jersey, showed Thursday
Filings for U.S. unemployment benefits declined to the lowest level in eight weeks, showing volatility typical around the holiday period
In a weekly survey by the American Association of Individual Investors (AAII), bulls rose to more than 46%, the highest reading since late November and up from the previous week
EARNINGS:
After-market Thursday: PriceSmart (PSMT), Helen of Troy (HELE), Ruby Tuesday (RT)
For related equity market news:
European Stocks Hold Steady as Euro Rebound Gives Traders Pause
Wall Street Says Capital Spending Is Finally Poised for Breakout
Trace of Fear in Trump Stocks as Hedges Rise With Defensives
Gold Miners, Biotech to Be Most Volatile in 2017, Goldman Says
