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Space For Rent
Friday, January 30, 2015, Magh 17, 1421, Robi-Us-Sani 8, 1436 Hijr

US stocks end lower after volatile session
Published : Friday, 30 January, 2015,  Time : 12:00 AM,  View Count : 58

NEW YORK, Jan 29: Wall Street stocks Wednesday finished a volatile session sharply lower as worries about the strong dollar and falling oil prices outweighed some positive earnings reports.
The Dow Jones Industrial Average tumbled 195.84 points (1.13 per cent) to 17,191.37.
The broad-based S&P 500 slumped 27.39 (1.35 per cent) to 2,002.16, while the tech-rich Nasdaq Composite Index fell 43.50 (0.93 per cent) to 4,637.99.
"The underlying condition of the market is still weak," said Mace Blicksilver, director of Marblehead Asset Management.
Stocks fell decisively in the last hour of trade, as markets weighed the US Federal Reserve's policy statement, in which it described US economic growth as "solid" but pledged a "patient" approach to raising interest rates.
Analysts said the Fed statement kept alive the chance of a Fed rate hike as early as mid-2015, which Blicksilver called "very worrisome" because it would further lift the dollar.
Other sources of anxiety include a new multi-year low for oil prices and uncertainty due to the Greek election.
Apple bolted 5.7 per cent higher after disclosing that first-quarter profit was a record $18 billion on booming sales of big-screen iPhone models, especially in China.
Dow member Boeing jumped 5.4 per cent after reporting fourth-quarter profit increased 18.9 per cent to $1.5 billion on strong commercial aircraft deliveries. Analysts said the company's cashflow was surprisingly high, suggesting generous shareholder payouts ahead.

Editor : Iqbal Sobhan Chowdhury
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