Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Egyptian, Jordanian ministers talk cooperation at 33rd Joint Higher Committee session    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



S&P 500 ends flat as biotech selloff offsets Yellen comments
Published in Amwal Al Ghad on 27 - 09 - 2015

The S&P 500 erased an early Fed-driven rally to close down slightly on Friday, as a selloff in biotechs offset gains in banking shares.
The Nasdaq fell 1 percent, while the Nasdaq Biotech Index .NBI tumbled 5.1 percent and retested its low from August, when it entered bear market territory.
The Dow ended solidly in positive territory, helped by shares of Nike (NKE.N), which hit a record high after its profit topped expectations on strong China growth. The stock, up 8.9 percent at $125, gave the biggest boost to the Dow and the S&P 500.
The market started the day higher after Federal Reserve Chair Janet Yellen late Thursday said she and other Fed policymakers do not expect recent economic and financial market turmoil to significantly alter the U.S. central bank's policy, easing concerns about the world's economic health. She said she expects interest rates to be raised this year.
The declines in the biotech index extended this week's drop to 13 percent, its biggest weekly decline in seven years. On Monday, U.S. Democratic presidential candidate Hillary Clinton said she would announce a plan to stop "price gouging" for specialty drugs, sparking a drop in the shares.
The S&P 500 health care index .SPXHC was down 2.7 percent, leading the decline in the S&P 500 while the S&P financial index .SPSY was up 1.5 percent.
"Biotechs had been an area that had been doing really well so it could be as the market has gotten worse that people are selling stuff that's less painful to sell. Valuations were pretty stretched," said Eric Kuby, chief investment officer at North Star Investment Management Corp. in Chicago.
The Dow Jones industrial average .DJI rose 113.35 points, or 0.7 percent, to 16,314.67, the S&P 500 .SPX lost 0.9 points, or 0.05 percent, to 1,931.34 and the Nasdaq Composite .IXIC dropped 47.98 points, or 1.01 percent, to 4,686.50.
Markets have been skittish since last Thursday, when Yellen cited concerns about slowing global growth as a key reason for holding off from a much-anticipated rate hike.
For the week, the Dow was down 0.4 percent, the S&P 500 was down 1.4 percent and the Nasdaq was down 2.9 percent.
Declining issues outnumbered advancing ones on the NYSE by 1,587 to 1,459, for a 1.09-to-1 ratio on the downside; on the Nasdaq, 1,907 issues fell and 920 advanced for a 2.07-to-1 ratio favoring decliners.
The S&P 500 posted six new 52-week highs and 17 new lows; the Nasdaq recorded 41 new highs and 179 new lows.
About 7.2 billion shares changed hands on U.S. exchanges, compared with the 7.4 billion daily average for the past 20 trading days, according to Thomson Reuters data.
Source: Reuters


Clic here to read the story from its source.