News Column

Wall Street Cautious with Speculators

Dec. 28, 2012
Wall Street

Positive economic data failed to bring stock indexes out of a four-day slump Friday as investors focused on "fiscal cliff" talks in Washington.

Investors fear an economic drop would be unavoidable if lawmakers don't reach an agreement regarding tax issues, spending cuts and the budget deficit by Tuesday.

On the positive side, the National Association of Realtors said their pending home sales index rose in November, climbing 1.7 percent for the third consecutive monthly gain.

Similarly, the Chicago Business Barometer rose for the third consecutive month in December, albeit from a 3-year low in September, an Institute for Supply Management report said.

Major market indexes were in the red, Friday. In early afternoon trading, the Dow Jones industrial average lost 91.07 points -- 0.7 percent -- to 13,005.24. The Nasdaq lost 11.95 points (0.4 percent) to 2,973.95.

The Standard and Poor's 500 shed 8.80 points (0.62 percent) to 1,409.30.

The 10-year treasury note was up 7/32 to yield 1.714 percent.

The euro fell to $1.3219 from Thursday's $1.3237. The dollar fell to 86.07 yen from 86.11 yen.

In Tokyo, the Nikkei 225 index added 0.7 percent, 72.20 points, to 10,395.18.

In London, the FTSE 100 index dropped 0.49 percent, 28.93 points, to 5,925.37.

Source: Copyright United Press International 2012

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