Leading indicators drop, sending New York markets lower

Midday on Thursday found the New York equities markets lower after new data showed the Index of Leading Economic Indicators down by 0.6 percent in May. The new figures were yet another sign that the US economy is growing at a slower pace. The possibility of new interest rate hikes also held investors back, with some analysts not expecting much change in the markets until the Federal Reserve meets next week.

By mid-session, the Dow Jones Industrial Average had dropped 0.2 percent to 11,057.29, while the Nasdaq Composite was 0.5 percent lower at 2,130.30 and the S&P 500 had lost 0.3 percent to 1,248.80.

Miners declined with the price of gold and copper. Both Barrick Gold and Newmont Mining dropped 1.2 percent, to $27.97 and $49.90 respectively.

In computer related sectors, Apple Computer added 1.7 percent to $58.83 after French legislators approved a law concerning online music services that stopped short of provisions that had been proposed by some lawmakers. Chipmaker Micron Technology added 1.5 percent to $16.20 after Wednesday night’s news that it has finalized its merger with Lexar Media. Jabil Circuit, however, dropped 3.3 percent to $24.64 on the news that it has been subpoenaed about its practices connected with the granting of stock options. Jabil also has said that it is planning on eliminating jobs and closing some factories.

Bed, Bath and Beyond dropped 5.8 percent to $34.80. While its first-quarter earnings report was about where analysts expected it to be, the home furnishings retailer’s forecast of future profits was on the negative side and it said that some store openings could be cancelled.

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