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U.S. Stocks Fall on Oil's Rise, Dollar's Drop; J&J, AIG Slide
U.S. Stocks Fall on Oil's Rise, Dollar's Drop; J&J, AIG Slide
U.S. Stocks Fall on Oil's Rise, Dollar's Drop; J&J, AIG Slide
By Marchese Julio de Martiens
Nov. 24 (Bloomberg) -- U.S. stocks fell after higher oil prices and the
dollar's decline to a 19-month low raised concern the economy is
slowing at the start of the holiday shopping season. Today's drop
threatens to end a two-week winning streak in the Dow Jones Industrial
Average.
Johnson & Johnson, the largest diversified maker of health products,
and American International Group Inc., the world's biggest insurer, led
a retreat in the Dow industrials. Some retailers dropped as merchants
kicked off their busiest period.
``There's concern that the weak dollar may reflect less vigorous
economic growth in this country than some people had thought,'' said
Marshall Front, chairman of Front Barnett Associates LLC in Chicago,
which manages $1.5 billion. ``There's a debate over just how slow the
economy's going to get.''
The Dow average slipped 22.19, or 0.2 percent, to 12,304.76 at 11:28
a.m. in New York. The Standard & Poor's 500 Index lost 1.36, or 0.1
percent, to 1404.73. The Nasdaq Composite Index was down 0.02 at
2465.96.
So far this week, the Dow has lost 0.3 percent, while the S&P 500 has
risen 0.2 percent and the Nasdaq has climbed 0.8 percent.
Trading in the U.S., which was closed yesterday for the Thanksgiving
holiday, will end three hours early today. Some 297 million shares
changed hands on the Big Board, 55 percent less than the same time a
week ago.
Oil, Dollar
Higher oil prices weighed on the market. Crude oil rose on a report
that Eni SpA halted delivery of some Nigerian crude because of a
militant attack and speculation that heating fuel demand will increase
in the U.S.
Crude oil for January delivery climbed 1.5 percent to $60.13 a barrel
in electronic trading in New York. There is no floor trading on the New
York Mercantile Exchange today.
The dollar fell against the euro on speculation the Federal Reserve
will lower interest rates early next year as central banks in Europe
increase them.
The U.S. currency extended its losses after breaching $1.30 against the
euro for the first time since April 2005, a level where traders had
placed automatic orders to sell the dollar.
Against the euro, the dollar traded as low as $1.3109 and was at
$1.3088 in New York from $1.2945 yesterday. The dollar also fell to
115.69 yen, from 116.30, and to as low as $1.9351 versus the U.K.
pound, the weakest in almost two years.
Dow Declines
J&J and AIG had the steepest losses in the Dow average. J&J slipped 38
cents, or 0.6 percent, to $66.02. AIG declined 49 cents, or 0.7
percent, to $71.08.
Of the 28 retailers in the S&P 500, 16 fell. The U.S. holiday shopping
season starts the day after Thanksgiving, called Black Friday because
at one time it was considered the day retailers turned profitable for
the year. This period accounts for about a quarter of retailers' sales.
Target Corp., the second-largest U.S. discount chain, declined 66 cents
to $57.76.
Flextronics International Ltd., the largest maker of custom
electronics, lost 9 cents to $11.41. The company said it will pay
0.5653 share for each DisplayWorks Inc. share, giving its previously
announced purchase of DisplayWorks a price of $297.5 million. Shares of
DisplayWorks didn't trade in Europe.
Four stocks advanded for every three that declined on the New York
Stock Exchange.
Advanced Semiconductor Engineering Inc.'s U.S.-traded shares surged 83
cents to $6.09. The world's largest packager of computer chips was
offered a $5.7 billion bid by Carlyle Group as demand for computer and
mobile-phone components increases.
The U.S. buyout firm and Advanced Semiconductor Chairman Jason Chang,
who holds 18.4 percent of the Taiwan-based company, may bid NT$39 a
share for the company, 9.9 percent more than its last closing price,
Washington-based Carlyle said in a statement.
Newmont Mining Corp., the world's third-biggest gold producer, added
$1.38 to $46.26 after the precious metal gained. Gold for immediate
delivery rose as much as $6, or 1 percent, to $637.25 an ounce in
London after the dollar's slide spurred demand for bullion as an
alternative investment.
U.S. Stocks Fall on Oil's Rise, Dollar's Drop; J&J, AIG Slide
By Marchese Julio de Martiens
Nov. 24 (Bloomberg) -- U.S. stocks fell after higher oil prices and the
dollar's decline to a 19-month low raised concern the economy is
slowing at the start of the holiday shopping season. Today's drop
threatens to end a two-week winning streak in the Dow Jones Industrial
Average.
Johnson & Johnson, the largest diversified maker of health products,
and American International Group Inc., the world's biggest insurer, led
a retreat in the Dow industrials. Some retailers dropped as merchants
kicked off their busiest period.
``There's concern that the weak dollar may reflect less vigorous
economic growth in this country than some people had thought,'' said
Marshall Front, chairman of Front Barnett Associates LLC in Chicago,
which manages $1.5 billion. ``There's a debate over just how slow the
economy's going to get.''
The Dow average slipped 22.19, or 0.2 percent, to 12,304.76 at 11:28
a.m. in New York. The Standard & Poor's 500 Index lost 1.36, or 0.1
percent, to 1404.73. The Nasdaq Composite Index was down 0.02 at
2465.96.
So far this week, the Dow has lost 0.3 percent, while the S&P 500 has
risen 0.2 percent and the Nasdaq has climbed 0.8 percent.
Trading in the U.S., which was closed yesterday for the Thanksgiving
holiday, will end three hours early today. Some 297 million shares
changed hands on the Big Board, 55 percent less than the same time a
week ago.
Oil, Dollar
Higher oil prices weighed on the market. Crude oil rose on a report
that Eni SpA halted delivery of some Nigerian crude because of a
militant attack and speculation that heating fuel demand will increase
in the U.S.
Crude oil for January delivery climbed 1.5 percent to $60.13 a barrel
in electronic trading in New York. There is no floor trading on the New
York Mercantile Exchange today.
The dollar fell against the euro on speculation the Federal Reserve
will lower interest rates early next year as central banks in Europe
increase them.
The U.S. currency extended its losses after breaching $1.30 against the
euro for the first time since April 2005, a level where traders had
placed automatic orders to sell the dollar.
Against the euro, the dollar traded as low as $1.3109 and was at
$1.3088 in New York from $1.2945 yesterday. The dollar also fell to
115.69 yen, from 116.30, and to as low as $1.9351 versus the U.K.
pound, the weakest in almost two years.
Dow Declines
J&J and AIG had the steepest losses in the Dow average. J&J slipped 38
cents, or 0.6 percent, to $66.02. AIG declined 49 cents, or 0.7
percent, to $71.08.
Of the 28 retailers in the S&P 500, 16 fell. The U.S. holiday shopping
season starts the day after Thanksgiving, called Black Friday because
at one time it was considered the day retailers turned profitable for
the year. This period accounts for about a quarter of retailers' sales.
Target Corp., the second-largest U.S. discount chain, declined 66 cents
to $57.76.
Flextronics International Ltd., the largest maker of custom
electronics, lost 9 cents to $11.41. The company said it will pay
0.5653 share for each DisplayWorks Inc. share, giving its previously
announced purchase of DisplayWorks a price of $297.5 million. Shares of
DisplayWorks didn't trade in Europe.
Four stocks advanded for every three that declined on the New York
Stock Exchange.
Advanced Semiconductor Engineering Inc.'s U.S.-traded shares surged 83
cents to $6.09. The world's largest packager of computer chips was
offered a $5.7 billion bid by Carlyle Group as demand for computer and
mobile-phone components increases.
The U.S. buyout firm and Advanced Semiconductor Chairman Jason Chang,
who holds 18.4 percent of the Taiwan-based company, may bid NT$39 a
share for the company, 9.9 percent more than its last closing price,
Washington-based Carlyle said in a statement.
Newmont Mining Corp., the world's third-biggest gold producer, added
$1.38 to $46.26 after the precious metal gained. Gold for immediate
delivery rose as much as $6, or 1 percent, to $637.25 an ounce in
London after the dollar's slide spurred demand for bullion as an
alternative investment.
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