AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

US stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses. The top drags in Wednesday's session were some of the quarter's best performers, including industrials, materials and banks.
The Institute for Supply Management-Chicago's business barometer unexpectedly fell to 46.1 in September, a level that indicates contraction in the regional economy. "The Chicago PMI kind of scared people, given how much below expectations it was and that turned the market south," said Owen Fitzpatrick, head of US Equity Group at Deutsche Bank Private Wealth Management in New York. "In general, even though economic numbers in the last two or three weeks have been mixed just like today, I think we're still headed toward an economic recovery."
Typical of quarter-end action, trading was choppy and volume light. The Dow Jones industrial average slipped 29.92 points, or 0.31 percent, to 9,712.28. The Standard & Poor's 500 Index fell 3.53 points, or 0.33 percent, to 1,057.08. The Nasdaq Composite Index shed 1.62 points, or 0.08 percent, to 2,122.42.
After the closing bell, shares of Bank of America rose 1.4 percent to $17.16 after the company announced the retirement of Chief Executive Ken Lewis. The company does not have a successor at this time. In regular trading, Bank of America's stock ended at $16.92, down 1.4 percent on the New York Stock Exchange.
Stephen Massocca, managing director at Wedbush Morgan in San Francisco, said the market is likely to "view this positively," given that the banking company's legal and regulatory issues would be a distraction for the CEO. In other extended-hours trading, Penske Automotive Group Inc's shares tumbled 8.9 percent to $17.47 after the company said it had terminated talks with General Motors Co to buy the Saturn brand.
Even so, the Dow - up 15 percent this quarter - marked its best quarterly performance since the fourth quarter of 1998, while the S&P 500 notched its second straight quarterly advance of 15 percent. The Nasdaq gained 15.7 percent for the third quarter.
For the month, the Dow rose 2.3 percent, the S&P 500 added 3.6 percent and the Nasdaq climbed 5.6 percent. These monthly gains ran counter to the historic trends showing September to be a miserable month for US stock market.
After a weak open, the indexes briefly turned positive by mid-afternoon, thanks to gains in the shares of such tech bellwethers as Cisco Systems Inc and International Business Machines Corp. Cisco shares rose 1.03 percent to $23.54 on Nasdaq, while IBM shares climbed 0.7 percent to $119.61. The semiconductor index gained 0.9 percent.
"When you look across the 10 (S&P 500's industry) sectors, technology is one sector where there's actually some topline growth," said Fitzpatrick. But J.P. Morgan declined 2.4 percent to $43.82, putting the stock among the Dow's worst performers, along with Boeing Co, down almost 1 percent to $54.15 and United Technologies Corp, off 0.6 percent at $60.93.
Alcoa Inc shed 1.4 percent to $13.12 as investors booked profits following this quarter's jump in commodity prices. Shares of Exxon Mobil Corp ended down 0.7 percent at $68.61 as investors fretted about crude oil's recent climb on industry refining margins. US front-month crude rose $3.90, or 5.85 percent, to settle at $70.61 a barrel.
Volume was heavy on the New York Stock Exchange, where about 1.77 billion shares changed hands, above last year's estimated daily average of 1.49 billion. On the Nasdaq, about 2.76 billion shares traded, above last year's daily average of 2.28 billion. Declining shares outnumbered advancing ones by a ratio of about 3 to 2 on the NYSE, while on the Nasdaq, more than eight stocks fell for every five that rose.

Copyright Reuters, 2009

Comments

Comments are closed.