Business Update: Health rally Mon, Mar twenty-two 2010 A merchant functions on the building of the New York Stock Exchange, Mar 22, 2010.
Credit: Reuters/Brendan McDermid
NEW YORK (Reuters) - Stocks fell on Wednesday as Portugal"s credit rating hillside and a diseased Treasury note auction influenced concerns about emperor debt.
Major indexes eased a day after attack 18-month highs, with waste opposite majority sectors on light volume. Worries centered on countries" capability to compensate their debt, bolstering the dollar and spiteful commodity-related stocks.
Portugal"s rating was lowered by one nick to AA-minus, compounding problems in the euro zone, where diplomats have still not concluded on a reserve net for heavily gladdened Greece.
"This raises serve concerns about alternative countries in the area and the markets are condemned by the miss of distinctness on how Europe will understanding with the issues," pronounced Todger Anderson, boss of Westcore Funds in Denver, Colorado.
Sentiment additionally soured after a diseased auction of five-year U.S. Treasury notes, the second muted debt sale after Tuesday"s temperate auction of two-year notes.
The Dow Jones industrial normal .DJI fell 52.68 points, or 0.48 percent, to close at 10,836.15. The Standard Poor"s 500 Index .SPX slipped 6.45 points, or 0.55 percent, to finish at 1,167.72. The Nasdaq Composite Index .IXIC forsaken 16.48 points, or 0.68 percent, to close at 2,398.76.
CHEVRON SLIPS, GENZYME SLIDES
The Portugal credit rating hillside gathering the dollar up opposite the euro, that in spin pushed down prices of line denominated in the greenback. U.S. wanton oil futures for May lost 1.6 percent, or $1.30, to solve at $80.61 per barrel.
Chevron Corp (CVX.N) was one of the tip drags on the Dow, off 1.1 percent at $73.93.
Oil prices additionally declined after interpretation showed U.S. wanton inventories rose scarcely five times some-more than approaching last week, a bearish pointer for demand.
Limiting the Dow"s decrease was Bank of America Corp (BAC.N), the index"s tip commission gainer after it pronounced it plans to suggest about $3 billion in loan redemption to about 45,000 uneasy homeowners. The move is an bid to forestall foreclosures when home values dump neatly next the volume owed. The batch of Bank of America, the largest U.S. bank with somewhat some-more than $2 trillion in assets, rose 2.6 percent to $17.57 on the New York Stock Exchange.
The greatest draw towards on the Nasdaq was Genzyme Corp (GENZ.O), that fell 6.4 percent to $55.33 after it pronounced the U.S. Food and Drug Administration will take coercion movement following problems at one of the plants. Genzyme creates drug to provide singular and ongoing diseases.
On the gain front, General Mills (GIS.N) reported third-quarter gain that kick expectations, but gave a full-year distinction perspective that was next consensus, promulgation the batch down 1.9 percent to $72.18.
Homebuilder Lennar Corp (LEN.N) gained 3.7 percent to $17.69 after stating a first-quarter loss that was most narrower than expected.
Data expelled progressing in the day sent churned signals about the economy, with new home sales suddenly descending to a jot down low in February, but new orders for permanent made products rose for a third true month in February.
"This is only a delay of the diseased direction we"ve seen," Anderson said. "It isn"t surprising, but it did supplement to the sell-off that proposed with Portugal."
The session"s declines follow the market"s pull to 18-month highs on Tuesday, with the Dow racking up a 10th day of gains out of the past eleven sessions.
For the month so far, the SP 500 is up about 6 percent.
About 8.48 billion shares traded on the New York Stock Exchange, the American Stock Exchange and the Nasdaq, next last year"s estimated each day normal of 9.65 billion.
Decliners outnumbered advancers by a comparative measure of 2 to 1 on the New York Stock Exchange, whilst on the Nasdaq, some-more than 9 bonds fell for each 4 that rose.
(Editing by January Paschal)
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