US stocks dip on Greece fears, weak China data

GMT 18:47 2015 Monday ,09 February

Arab Today, arab today US stocks dip on Greece fears, weak China data

About 30 minutes into trade, the Dow Jones Industrial Average stood at 17,797.95
New York - AFP

US stocks edged lower early Monday on worries over a Greek default on its debts and exit from the eurozone and lackluster economic data from China.
About 30 minutes into trade, the Dow Jones Industrial Average stood at 17,797.95, down 26.34 points (0.15 percent).
The broad-based S&P 500 slipped 0.44 (0.02 percent) at 2,055.03, while the tech-rich Nasdaq Composite Index fell a scant 0.73 (0.02 percent) to 4,743.67.
In a rousing policy speech to parliament, Greek Prime Minister Alexis Tsipras refused to apply for an extension for an international bailout, raising the prospects that the country could quit the eurozone.  
China said at the weekend that exports slipped 3.2 percent year-on-year in January, while imports dived 19.7 percent -- the largest drop in five years -- hit by weak demand at home and low commodity prices.
Dow member McDonald's fell 1.1 percent as global comparable sales dropped 1.8 percent in January. Sales fell 12.6 percent in its Asia/Pacific-Middle East-Africa region, due in part to weakness in Japan.
Toymaker Hasbro rose 5.4 percent after reporting fourth-quarter net income gained 4.1 percent.
Drilling company Diamond Offshore fell 0.8 percent as it announced it would no longer pay a special dividend in response to sinking investment from oil companies.
"Given the significant downturn in industry fundamentals, we believe it is prudent to retain cash so that the Company is in a stronger position to take advantage of opportunities that may materialize in a distressed market," said Diamond chief executive Marc Edwards.
Motorola Solutions, which develops communications and software technology, rose 4.6 percent on a report that it is seeking a buyer. Potential buyers include private-equity firms and defense contractors, according to Bloomberg News.
Bond prices rose. The yield on the 10-year US Treasury fell to 1.92 percent from 1.96 percent Friday, while the 30-year declined to 2.48 percent from 2.53 percent. Bond prices and yields move inversely.


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