US close: Markets fluctuate amid growing concerns on Eurozone

US stocks fluctuated on Wednesday, amid concerns that a slowdown in the Eurozone could hit the US economy.

The Dow Jones Industrial Average closed 2.70 points down at 17,612.20, while the S&P 500 dropped 1.43 points to 2,038.25 and the Nasdaq closed 8.24 points up at 4,195.40.

Concerns that a slowdown in Europe could weigh on the US economy were exacerbated on Wednesday after the Bank of England governor, Mark Carney, unveiled lower UK growth and inflation forecasts, while officials adjusted to account for “moribund” global expansion and stagnation in Europe.

Investors were also monitoring developments in Ukraine, as growing tensions in the nation’s eastern combat zone threatened to boil over into open conflict.

Citigroup and JPMorgan Chase & Co slid 0.72% and 1.32% respectively after having to pay regulators settlements of $668m and $662m respectively in foreign-exchange manipulation cases. The banks, along with three others, had to pay fines worth a combined $3bn.

Retailers were also in focus as companies gear up for Black Friday in two weeks' time, the day after Thanksgiving that traditionally marks the start of holiday shopping season for US consumers.

Department-store chain Macy's rose 5.09% after topping forecasts with a 23% rise in third-quarter profit, though the company did cut its outlook for full-year sales.

JM Smucker fell 3.55% after cutting its profit target for the year, while Fossil Group rose 8.41% as results topped estimates.
Susquehanna Bancshares soared 32.53% after BB&T agreed to buy the lender for $2.5bn, while Beazer Homes USA fell 3.27% even though sales beat estimates.

The dollar rose against the pound and the euro but fell against the yen, while gold futures slid to $1,159.00.

The price of West Texas intermediate and Brent crude tumbled, with the former losing over 1.5% and closing at just under $77 a barrel and the latter shedding over 2% and closing at just under $80 a barrel.

The yield on the 10-year US Treasury note was stable at 2.36%, while the yield on the 30-year note was unchanged at 3.09% and the yield on the five-year Treasuries were stable at 1.64%.