Wall Street finished relatively flat Tuesday, despite the Dow touching a three-week low. Financials and energy stocks made ground, while a sell-off in tech stocks dragged the NASDAQ lower.
In economic news, according to an economist survey existing home sales rose 2.4% in May, which was lower than forecast. The report also revealed the median home price dropped 16.8% year over year.
Meanwhile, another report said layoffs affecting 50 or more people climbed last month, reaching the high levels achieved in March.
The Dow Jones fell 16.10 points, or 0.19%, to 8,322.91, the S&P’s 500 rose 2.06 points, or 0.23%, to 895.10 and the NASDAQ lost 1.27 points, or 0.07%, to 1,764.92.
Financials regained some of their recent losses with JPMorgan, Wells Fargo and Goldman Sachs advancing 2.1%, 1.8% and 3.1% respectively. The latter was given an analyst upgrade.
Morgan Stanley and Bank of America gained 4% and 2.4%, while Citigroup edged 0.3% higher.
Insurer Berkshire Hathaway dipped 0.8%.
Energy stocks were also in the black following a rise in the price of crude. ConocoPhillips put on 2%, while Chevron and Exxon Mobil added 0.3% and 0.2%.
Of the tech stocks Apple and Hewlett-Packard lost 2.5% and 1%, while Google and Yahoo! shed 0.4% and 0.2%.
Microsoft gained 0.3%.
Airline manufacturer Boeing sank 6.5% after once again delaying the initial test flight of its new 787 jet. Lockheed Martin slid 0.2%.
Major retailers Target, Costco and Wal-Mart fell 2.9%, 0.6% and 0.5% respectively.
Home Depot weakened 1.6%.
NYMEX U.S. light crude oil for August delivery rose US$1.74 to settle at US$69.24 a barrel.
COMEX gold for August delivery rose US$3.30 to settle at US$924.30 an ounce.
European Markets
European stocks edged lower as weaker than expected economic data, including a fall in consumer spending in France, concerned investors. Financials were the biggest losers as the European Central Bank said it has used up its room to cut interest rates.
The UK benchmark FTSE 100 lost 4.03, or 0.10% at 4,230.02. France’s CAC40 shed 12.42, or 0.40% to 3,116.82, while the German DAX added 13.75, or 0.29%, to 4,707.15.
French banks Societe Generale and BNP Paribas shed 1.7% and 1.3%, while Deutsche Bank dipped 1.2%.
In the UK, Standard Chartered, Royal Bank of Scotland and Barclays lost 3.4%, 2.1% and 1.9%. Lloyds sank 4.2%.
Insurers AXA and Prudential slid 1.4% and 1.2%, while Allianz put on 0.8%.
Among energy stocks, BP, Total and BG Group slid 0.6%, 0.2% and 0.1%.
Royal Dutch Shell bucked the trend, adding 0.5%.
It was a mixed day for the miners with Xstrata and Antofagasta advancing 0.8% and 3.9%. Anglo American shed 2.7%.
Aussie miner Rio Tinto was 0.2% stronger, while rival BHP Billiton slid 0.9%.
Drugmakers Merck and Shire added 2.2% each, while GlaxoSmithKline gained 1.6%.
Japanese Markets
Japan’s Nikkei dropped on concerns the global economy will contract as stated by the World Bank. Exporters struggled as the value of the yen rose against the US dollar.
The Nikkei 225 fell 276.66 or 2.82% to 9,549.61.
Trading company Mitsubishi Corp sank 5.3%. The company, which gets almost half its sales from resources, felt the impact of falling commodity prices.
Brokerage firms Nomura Holdings and Mitsubishi UFJ fell 5.4% and 2.3%.
Canon shed 2.8% as the yen climbed to a three-week high.
Automaker Nissan slumped 4.7%.
Hong Kong Markets
Hong Kong stocks sank as global economy concerns resurfaced. Falling commodity prices pulled resource stocks lower.
The Hang Seng dropped 521.18, or 2.89%, to 17,538.37.
Jiangxi Copper and Aluminium Corp of China slumped 6% and 6.6%.
Oil producer Cnooc weakened 4.3%.
Shippers China Cosco and Pacific Basin Shipping fell 6.8% and 6.7% as the Baltic Dry Index lost 1%.
Clothes and toy supplier Li & Fung shed 3.3%, while Gome Electrical Appliances surged 69% as the retailer traded for the first time since November after obtaining financing.
Mobil phone contract maker Foxconn International declined 3.8%.
Bank of East Asia dropped 4.9% following an analyst downgrade.
