While you were sleeping.. The US dollar fell and global equity markets edged lower on Wednesday in response to disappointing U.S. housing data and weak corporate earnings that snapped market momentum after five days of gains across a worldwide stock index. Gains in Boeing and Gilead Sciences were offset by slides in AT&T and the wider biotech sector. After the closing bell, Apple Inc. jumped 7.3 percent to $563 after the iPhone maker reported quarterly results, approved a seven-for-one stock split and expanded its share-buyback authorization by $30 billion. New home sales came in very short of expectations, backing the view that the housing market has cooled after an extremely positive 2013. The Commerce Department says sales of new homes declined 14.5 per cent last month to a seasonally adjusted annual rate of 384,000, which was the second straight monthly decline and the lowest rate since July 2013. In Europe, rising worries over Ukraine also weighed on markets, offsetting data that showed Germany continued to power the euro zone’s recovery. European shares snapped a three-day winning streak overnight, with tech stocks hit by disappointing results from Ericsson and chip designer ARM Holdings, raising doubts about the sectors earnings.
Posted on: Wed, 23 Apr 2014 23:12:56 +0000
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