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US stocks edged lower after the latest tension between Ukraine... [Derived headline]

August 29, 2014

US stocks edged lower after the latest tension between Ukraine and Russia snapped the focus of investors back to the volatile region, but American economic data helped curb losses.

A trio of reports pointed to improving conditions and helped mitigate declines. The second reading of gross domestic product showed the US economy rebounded more strongly than initially thought in the second quarter, while jobless claims fell for a second straight week.

In addition, July pending home sales rose far more than had been expected to an 11-month high. The PHLX housing index lost 0.4 per cent, but was off earlier lows.

The Dow Jones industrial average fell 42.44 points or 0.25 per cent, to 17,079.57, the S&P 500 lost 3.38 points or 0.17 per cent, to 1,996.74 and the Nasdaq Composite dropped 11.93 points or 0.26 per cent, to 4,557.70.

The FBI said it was investigating media reports several US financial firms have been victims of recent cyber attacks. JPMorgan Chase & Co said it was investigating a possible attack; shares fell 0.7 per cent to $59.16. The S&P financial index lost 0.4 per cent as the worst performing of the 10 major S&P groups.

Abercrombie & Fitch Co lost 4.8 per cent to $41.87 after the retailer's second-quarter same-store sales fell more than expected. Williams-Sonoma Inc tumbled 12 per cent to $65.93 a day after reporting its results and giving an outlook.

Volume continued to be on the light side, with about 4.16 billion shares traded on US exchanges, well below the 5.34bn average so far this month.

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Source: Herald, The (Scotland)

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