While you were sleeping.. US stocks dipped in thin volume on Tuesday, with the Dow and the S&P 500 retreating from Mondays record closing levels as traders found few reasons to buy following a string of gains. A rise in semiconductor companies shares limited losses. About half of the 10 primary S&P 500 sector indexes were down for the day, led by telecom .SPLRCL, which fell 1 per cent. Monday marked the Dows second straight record closing high, while it was the third consecutive record close for the S&P 500. However, recent advances were made on light volume, indicating that the rally has lacked conviction. The Dow Jones industrial average fell 0.13 per cent, to end at 16,722.34. The S&P 500 inched down just 0.04 per cent, to 1,924.24. The Nasdaq Composite dropped 0.07 per cent, to 4,234.08. The CBOE Volatility Index rose for a second straight day, up 2.5 per cent, though it remained historically low, and well below the long-term average of 20. While the level of the VIX indicates a lack of fear in the market, some investors are concerned that it also reflects a sense of complacency. In Europe, the unemployment rate fell to 11.7 per cent in April from 11.8 per cent, although Italy’s unemployment rate rose to 12.7 per cent from 12.5 per cent. In the UK, Nationwide reports that house prices surged 0.7 per cent in May for annual growth of 11.1 per cent. The rate of euro zone inflation fell in May to 0.5 percent from 0.7 percent in April, increasing the risk of deflation. Economists polled by Reuters had expected inflation to remain steady.
Posted on: Tue, 03 Jun 2014 23:23:40 +0000
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