The Clinton Herald, Clinton, Iowa

Business & Technology

August 27, 2013

Stock market sags following Kerry remarks

NEW YORK — The stock market sagged Monday after the Obama administration ratcheted up pressure against Syria.

Secretary of State John Kerry said there was “undeniable” evidence of a large-scale chemical weapons attack in Syria last week, and suggested the administration was edging closer to a military response.

The S&P 500 index slipped 6.72 points, or 0.4 percent, to close at 1,656.78.

It was up two points just before Kerry began reading his statement Monday afternoon.

The Dow Jones industrial average fell 64.05 points, or 0.4 percent, to close at 14,946.46. The Nasdaq composite slipped 0.22 of a point, or 0.01 percent, to 3,657.57.

Stephen J. Carl, head equity trader at the Williams Capital Group, observed that the market had drifted for most of the day until Kerry’s televised talk jolted stocks.

A handful of corporate deals helped give the market a lift in the early going.

Amgen surged following its announcement late Sunday that the biotech giant plans to buy Onyx Pharmaceuticals for $10.4 billion. The acquisition would give Amgen three approved cancer treatments and several other potential drugs.

In economic news, the government reported that orders for long-lasting manufactured goods plunged 7.3 percent last month, the steepest drop in nearly a year. Demand for commercial aircraft sank and businesses spent less on computers and electrical equipment.

Jack Ablin, the chief investment officer at BMO Private Bank in Chicago, said it’s likely that investors are looking past the one bad economic report because so many major events loom ahead.

The Federal Reserve will start a two-day meeting Sept. 17 at which officials will discuss phasing out support for the economy. After that, Germany holds national elections that could change how the region handles rescue loans for troubled countries. Congress returns from its summer break next week and will take up a new budget before the fiscal year starts on Oct. 1.

Text Only
Business & Technology
  • 4-19-14 FBLA photo CHS Future Business Leaders of America attend conference Thirty members of the Clinton High School Future Business Leaders of America attended their spring leadership conference at the Marriott Coralville from March 26-29. Students attending the conference competed against other Iowa students in state and

    April 17, 2014 1 Photo

  • U.S. stock market rebounds after choppy day A stock market swoon turned into a comeback Tuesday. Stocks managed a late-afternoon rebound for the second time in two days as investors seemed to brush off a report of lower confidence among homebuilders and simmering tensions in the Ukraine. The l

    April 16, 2014

  • Document shredding offered CLINTON -- A Clinton bank will provide document shredding this weekend. The free service will be held from 9 to 11 a.m. Saturday at Citizens First Bank's office at 1442 Lincoln Way. This is the 10th year the bank has offered this service, Citizens Fi

    April 15, 2014

  • Why Facebook is getting into the banking game

    Who would want to use Facebook as a bank? That's the question that immediately arises from news that the social network intends to get into the electronic money business.

    April 14, 2014

  • Screen shot 2014-04-11 at 4.49.09 PM.png Train, entertain your pets with these 3 smartphone apps

    While they may not have thumbs to use the phone, pets can benefit from smartphone apps designed specifically for them.

    April 13, 2014 1 Photo

  • Millions of Android phones, tablets vulnerable to Heartbleed bug

    Millions of smartphones and tablets running Google's Android operating system have the Heartbleed software bug, in a sign of how broadly the flaw extends beyond the Web and into consumer devices.

    April 11, 2014

  • Tax fraud Bogus tax refunds a growing problem WASHINGTON, D.C. -- An Internet connection and a bunch of stolen identities are all it takes for crooks to collect billions of dollars in bogus federal tax refunds. And the scam is proving too pervasive to stop. A government report in November said t

    April 11, 2014 1 Photo

  • Investors flee tech stocks again, pummeling Nasdaq NEW YORK -- The high-flyers are laying the stock market low -- once again. Investors turned against biotech, Internet and other once-soaring stocks on Thursday, driving the Nasdaq composite index to its worst day since 2011. The sell-off in tech name

    April 11, 2014

  • Family Dollar to cut jobs, close about 370 stores

    Family Dollar plans to cut some jobs and close about 370 underperforming stores as it tries to reverse sagging sales and earnings. The discount store operator will also lower prices on about 1,000 basic items.

    Family Dollar did not provide details on how many jobs were expected to be eliminated.

    April 10, 2014

  • US stocks rally on Fed minutes, earnings news NEW YORK -- Once again, it was the Federal Reserve to the rescue for the stock market. Major U.S. indexes rose broadly Wednesday, helped by a report out of the nation's central bank that showed Fed policymakers want to be absolutely certain the U.S.

    April 10, 2014

Facebook