New York markets down on interest rate expectations
by Brian Turner
The New York equities markets fell on Monday as investors seemed to be waiting for Tuesday‘s interest rate decision by the Federal Reserve.
By the end of the trading day, the Dow Jones Industrial Average had dropped 0.8 percent to 10,555.80, the Nasdaq composite was down 0.7 percent to 2,145.21, and the S&P 500 had lost 0.6 percent to 1,231.13.
Amid these general declines, the energy sector saw advances as the price of crude oil went up again and plans were announced of a takeover of Spinnaker Exploration by Norsk Hydro for a cash price of $2.5 billion.
On the news, shares in Spinnaker gained 31.5 percent to $64.12. Elsewhere in the sector, Amerada Hess gained 4.3 percent to $139.31 on a ratings upgrade by JP Morgan.
ExxonMobil was up 1.4 percent to $64.63, ConocoPhillips gained 1.6 percent to $70.24, and Marathon Oil advanced by 1.8 percent to $69.19. Meanwhile, rising oil prices took their toll in the airlines sector.
Low-cost carrier Air Tran lost 5.7 percent to $10.43, while Continental Airlines fell by 6.3 percent to $10.98. Athletic equipment manufacturer Nike was up on the day on third-quarter profits that were above predictions, gaining 6.4 percent to $83.45.
The company reported profits were up 32 percent on strong sales.
Discuss this in the Finance Markets forums
Story link: New York markets down on interest rate expectations
Add to Bookmarks:
Related financial stories to: New York markets down on interest rate expectations
- Interest rate expectations help Wall Street higher
- New York markets lower on interest rate worries
- Peso and IPC down in Mexico on interest rate expectations
- Yen down on low interest rate expectations
- Bond yields up on interest rate expectations
- FTSE closes slightly up on interest rate expectations
- Interest rate worries send Tokyo markets lower
- New York markets down ahead of rate decision
- Tokyo markets decline on interest rate decision
- New York markets decline after rate cut
Previous: « German election results cause investor concern
Next: Tesco sees profit rise but warns on future costs »
Visited 441 times, 3 so far today
