Monday, August 27, 2012

U.S. stocks fall as markets await Bernanke comments; Dow down 0.25%

rubbermarketnews_RMN_stock_016Forexpros - U.S. stock prices fell on Monday as investors sold and jumped to the sidelines, cautious ahead of the Federal Reserve's Jackson Hole symposium that opens Friday, when Fed Chairman Ben Bernanke will speak.
Apple shares rose after the tech bellwether won a USD1.05 billion patent lawsuit against Korean tech giant Samsung.
At the close of U.S. trading, the Dow Jones Industrial Average fell 0.25%, the S&P 500 index was down 0.05% while the Nasdaq Composite index was up 0.11%.
The Federal Reserve symposium in Jackson Hole, Wyoming, has served as a platform in the past where Bernanke has announced stimulus measures, notably a second round of quantitative easing, or asset purchases from banks that spur economic activity.
Stocks drifted downward on sentiments that Bernanke may not hint at a need for more easing, at least not at the Jackson Hole symposium.
Stimulus tools such as quantitative easing weaken the dollar to spur recovery, sending stocks rising as a side effect.
Meanwhile in the U.S. on Friday, a federal jury in California found that Samsung products illegally copied features from Apple's iPhone and iPad, which sent Apple shares rising, closing up 1.88% at USD675.68.
Leading Dow Jones Industrial Average gainers included Cisco Systems, up 0.89%, McDonald's, up 0.73%, and United Technologies, up 0.61%.
The Dow Jones Industrial Average's worst performers  included Hewlett-Packard, down 2.10%, Alcoa, down 1.62%, and Bank of America, down 1.10%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.13%, France's CAC 40 rose 0.86%, while Germany's DAX 30 finished up 1.10%. Meanwhile, in the U.K. the FTSE 100 rose 0.01%.
Investors will remain on edge ahead of the Jackson Hole symposium, as European Central Bank President Mario Draghi will speak.
Meanwhile on Tuesday, U.S. consumer confidence figures will publish as well.

Forexpros - Financial Markets Worldwide

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