US stocks were little changed in choppy trading on Thursday, as investors wrestled with the ramifications with a move by the Swiss National Bank to scrap its three-year euro cap on the franc. Trading was likely to remain volatile through the session, on the heels of choppy premarket action that saw futures fluctuate between gains and losses, after the SNB said it would discontinue the cap it introduced on September 6, 2011 to fight recession and deflation threats.
Expectations for US fourth-quarter earnings have fallen sharply in recent months, with growth now estimated at just 3.5 percent compared with an October 1 estimate of 11.2 percent, according to Thomson Reuters data.
The Dow Jones industrial average fell 17.52 points, or 0.1 percent, to 17,409.57, the S&P 500 lost 4 points, or 0.2 percent, to 2,007.27 and the Nasdaq Composite dropped 18.62 points, or 0.4 percent, to 4,620.71.
The benchmark S&P has fallen for four straight sessions and nine of the past 11 days. The index is down more about 4 percent from its last record high December 29. The CBOE Volatility index is on track for a fifth day of gains.
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