Wall St ends lower; S&P 500 extends losses for 3rd day
Published on Jan 28, 2014 6:00 AM
NEW YORK (REUTERS) - United States (US) stocks extended recent losses on Monday, with the S&P 500 falling for a third straight session as concern grew about the Federal Reserve's plans for withdrawing stimulus.
The losses, which picked up late in the session after the S&P 500 briefly traded in positive territory, followed a steep sell-off late last week tied to emerging market concerns. The slide gave the S&P 500 its worst weekly percentage loss since June 2012.
Limiting losses in the Dow and S&P 500, however, was Caterpillar. The stock jumped 5.9 per cent to US$91.29 after the maker of mining and construction equipment reported a stronger-than-expected quarterly profit.
The technology sector led the day's decline, with the S&P 500 technology sector index falling 1 per cent and the Nasdaq underperforming both the Dow and S&P 500. Google, off 2 per cent at US$1,101.23, and Microsoft, down 2.1 per cent at US$36.03, were among the day's biggest drags.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!