US stocks dip on weak German data, profit-taking

GMT 19:19 2014 Monday ,07 July

Arab Today, arab today US stocks dip on weak German data, profit-taking

US stocks
New York - AFP

US stocks moved lower in early trade Monday following a weak report on German industrial output and profit-taking after last week's record-setting gains.
About 35 minutes into trade, the Dow Jones Industrial Average fell 63.36 points (0.37 percent) to 17,004.90.
The broad-based S&P 500 lost 6.55 (0.33 percent) at 1,978.89, while the tech-rich Nasdaq Composite Index declined 15.11 (0.34 percent) to 4,470.82.
German industrial production fell for the third month in a row in May due in part to uncertainty about the economic fallout from the Ukraine and Iraq crises.
Equity markets in Germany, France and Britain all dropped.
Analysts also pointed to profit-taking in the US after the Dow notched its first close above 17,000 on Thursday ahead of the Independence Day holiday.
Agricultural products company Archer Daniels Midland advanced 0.7 percent as it announced it would acquire Wild Flavors GmbH, a flavor and ingredient company, for 2.3 billion euros ($3.1 billion).
Retailer Bed Bath & Beyond dipped 0.4 percent despite announcing a new authorization for a $2 billion share buyback program.
GTAT Advanced Technology, which provides cover glass to Apple products, fell 11.2 percent after Canaccord Genuity said in a note that it does not expect Apple's first iPhone 6 smartphones will use GT's sapphire glass.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.63 percent Monday from 2.65 percent Thursday, while the 30-year dropped to 3.45 percent from 3.48 percent. Bond yields and prices move inversely.

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