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 US stocks sink; Dow dives triple-digits on emerging-market concerns

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Join date : 2011-08-09

PostSubject: US stocks sink; Dow dives triple-digits on emerging-market concerns   Fri Jan 31, 2014 11:12 am

US stocks sink; Dow dives triple-digits on emerging-market concerns
Published: Friday, 31 Jan 2014 | 10:33 AM ET

By: Kate Gibson | Markets Writer

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WATCH THE VIDEO HERE -- http://video.cnbc.com/gallery/?video=3000241571

Pisani's market open: Weak across the board
Friday, 31 Jan 2014 | 9:37 AM ET

CNBC's Bob Pisani reports what stocks and sectors are causing weakness in the stock market so far today.

U.S. stocks tanked on Friday, with investor sentiment slammed by increasing worries about trouble in emerging markets.

"This is more of a geoeconomic kind of thing. The Friday dates plays into this, the end of the month plays into this, and it does appear emerging markets, one by one, will need to take additional central-bank action over the next few days," said Jim Russell, senior equity strategist for U.S. Bank Wealth Management.
"There is a strong case that people don't want to hold currencies over the weekend, and given the close of the month, people are backing away. There is a tendency, that if you are going to devalue your currency, that you may do it on a Sunday. So there is a little bit of front-running a worst-case scenario," Russell added.

On Friday, the Hungarian Forint had weakened the most against the U.S. dollar, followed by the Polish Zloty and the Russian Rouble, with the Aussie dollar down 1 percent against the U.S. currency.

Wal-Mart Stores added to Wall Street's dreary view, with the discount retailer slicing fourth-quarter guidance and blaming a slew of negative factors, including the federal government's cut in food stamps and the cold weather.

Chevron reported earnings of $2.57 a share on revenue of $56.16 billion, versus expectations of earnings per share of $2.57 on $64.93 billion in revenue. Shares of the oil producer were off 0.9 percent in early trading. MasterCard reported earnings excluding items of 57 cents a share on revenue of $2.1 billion, versus expectations of 60 cents a share on $2.14 billion in sales.

Dow Jones Industrial Average

DJIADow Jones Industrial Average15724.98-123.63-0.78%
S&P 500S&P 500 Index1785.27-8.92-0.50%
NASDAQNasdaq Composite Index4102.91-20.22-0.49%
After a 231-point decline, the Dow Jones Industrial Average was lately off 221.95 points, or 1.4 percent, to 15,6626.66, with Chevron leading declines that extended to 28 of its 30 components.
The S&P 500 tumbled 19.64 points, or 1.1 percent, to 1,774.55, with energy hardest hit and utilities the sole sector on the rise among the S&P's 10 major industry groups.

The Nasdaq dived 42.36 points, or 1 percent, to 4,080.77.

Stocks remained under water through a series of economic data on Friday, with Thomson Reuters/University of Michigan's final read on consumer sentiment showing a decline in January from the previous month, while the Chicago Purchasing Manager's Index for January fell 1.2 to 59.6, down for a third month in a row. Data also had personal income up 0.1 percent in December, matching estimates, and spending rising 0.4 percent versus a 0.5 percent estimate.

As the dollar climbed against the currencies of major U.S. trading partners; the yield on the 10-year Treasury note fell 4 basis points to 2.659 percent.

Gold futures for April delivery $3.60, or 0.3 percent, to $,1246.10 an ounce; crude-oil futures fell 41 cents, or 0.4 percent, to $97.82 a barrel.


Watch the VIDEO HERE -- http://video.cnbc.com/gallery/?video=3000241685

Positive market developments getting washed out: Pro
Discussing the impact of the taper on the U.S. and emerging markets, with Michael Ryan of UBS, and CNBC's Jim Cramer.

For every share rising, roughly three fell on the New York Stock Exchange, where 158 million shares traded by 10:30 a.m. Eastern. Composite volume surpassed 158 million.
U.S. stocks jumped on Thursday, with the S&P 500 on track for weekly gains, as companies including Facebook reported better-than-expected quarterly results and data had the economy expanding in the fourth quarter as consumer spending gained traction.

—By CNBC's Kate Gibson

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