US close: Stocks fall on Ukraine tensions, GDP, jobs data
- Focus on Ukraine-Russia crisis
- US GDP grew 4.2%
- Jobless claims fall 1,000
Dow -0.25% 17,080
Nasdaq -0.25% 4,558
S&P 500 -0.16% 1,997
US stocks ended lower on Thursday as investors reacted to both the latest developments in the Ukraine-Russia crisis and better-than-expected data.
The second estimate for US gross domestic product (GDP) showed that the American economy grew by an annualised rate of 4.2% in the second quarter.
It was higher than the initial estimate of 4% growth in the advance report and surprised analysts who had expected a small downwards revision to 3.9%. It also marked a strong-than-expected rebound from the 2.1% contraction registered in the first three months of the year.
"These figures confirm the strength of the US economy, and judging by recent figures, it is not going to run out of momentum any time soon," said Nancy Curtin, the chief investment officer at Close Brothers Asset Management.
"While sluggish wage growth remains a key consideration for the Fed, the employment figures continue to show the strength of the labour market [...] The prospect of a change in monetary tightening is one cloud on the horizon, but it should not be a cause for undue concern."
In other economic data on Thursday, US initial jobless claims fell by 1,000 to 298,000 in the week to 23 August, under the 300,000 consensus forecast. The previous week's level was revised up by 1,000 to 299,000.
Meanwhile, the four-week moving average fell by 1,250 to 299,750.
Tensions mount in Ukraine as Nato releases
According to images released by Nato, Russian armed forces did enter Ukranian territory, claims which Russia had denied.
Earlier on Thursday, Ukrainian officials said Russian forces had entered the country and helped local separatists capture the coastal town of Novoazovsk in south-eastern Ukraine.
Ukrainian president Petro Poroshenko said in a televised statement from Kiev on Thursday that he had convened an emergency meeting with his military chiefs as "the introduction of Russian forces into Ukraine has taken place".
That came as it was claimed the quality and volume of supply of arms by Russia has increased.
Williams-Sonoma, Abercrombie, Visa
In company news, Williams-Sonoma declined after its third-quarter earnings forecast missed analysts' estimates.
Abercrombie & Fitch Co. dropped as second-quarter sales fell more than analysts had projected.
Guess? slumped after the retailer cut its annual earnings forecast.
Visa Inc. was also in the red after it was downgraded by Raymond James to 'market perform'.
TripAdvisor was also a notable faller.
S&P 500 - Risers
Pall Corp. (PLL) $83.44 +3.37%
Goodyear Tire & Rubber Co. (GT) $25.75 +2.51%
Chesapeake Energy Corp. (CHK) $26.96 +2.01%
Broadcom Corp. (BRCM) $39.17 +1.73%
Best Buy Co. Inc. (BBY) $32.20 +1.61%
Monster Beverage Corp (MNST) $87.94 +1.61%
Seagate Technology Plc (STX) $62.12 +1.53%
Staples Inc. (SPLS) $11.66 +1.52%
CMS Energy Corp. (CMS) $30.40 +1.35%
Cabot Oil & Gas Corp. (COG) $33.35 +1.34%
S&P 500 - Fallers
Garmin Ltd. (GRMN) $54.15 -5.76%
United States Steel Corp. (X) $37.53 -3.84%
Intuitive Surgical Inc. (ISRG) $465.47 -2.76%
First Solar Inc. (FSLR) $69.12 -2.68%
TripAdvisor Inc. (TRIP) $99.28 -2.46%
Salesforce.Com Inc. (CRM) $58.29 -2.17%
Diamond Offshore Drilling Inc. (DO) $43.77 -2.06%
Peabody Energy Corp. (BTU) $15.66 -1.94%
Fossil Group Inc (FOSL) $100.61 -1.84%
Halliburton Co. (HAL) $67.32 -1.70%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $92.51 +0.70%
E.I. du Pont de Nemours and Co. (DD) $66.11 +0.27%
Cisco Systems Inc. (CSCO) $24.84 +0.16%
Microsoft Corp. (MSFT) $44.90 +0.06%
Coca-Cola Co. (KO) $41.62 +0.05%
Caterpillar Inc. (CAT) $108.58 +0.03%
Chevron Corp. (CVX) $128.65 +0.01%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $78.74 -1.23%
Visa Inc. (V) $214.64 -1.15%
Boeing Co. (BA) $127.03 -0.91%
JP Morgan Chase & Co. (JPM) $59.15 -0.74%
McDonald's Corp. (MCD) $94.06 -0.62%
Merck & Co. Inc. (MRK) $59.98 -0.50%
Travelers Company Inc. (TRV) $94.29 -0.50%
General Electric Co. (GE) $26.01 -0.46%
Intel Corp. (INTC) $34.65 -0.43%
Pfizer Inc. (PFE) $29.38 -0.37%
Nasdaq 100 - Risers
Nxp Semiconductors Nv (NXPI) $66.91 +2.09%
Broadcom Corp. (BRCM) $39.17 +1.73%
Monster Beverage Corp (MNST) $87.94 +1.61%
Seagate Technology Plc (STX) $62.12 +1.53%
Staples Inc. (SPLS) $11.66 +1.52%
Gilead Sciences Inc. (GILD) $107.52 +1.18%
NetApp Inc. (NTAP) $41.97 +1.00%
Maxim Integrated Products Inc. (MXIM) $31.14 +0.94%
Tractor Supply Company (TSCO) $67.13 +0.93%
Intuit Inc. (INTU) $83.37 +0.88%
Nasdaq 100 - Fallers
Garmin Ltd. (GRMN) $54.15 -5.76%
Intuitive Surgical Inc. (ISRG) $465.47 -2.76%
TripAdvisor Inc. (TRIP) $99.28 -2.46%
Google Inc. Class C (GOOG) $568.57 -1.61%
Whole Foods Market Inc. (WFM) $39.17 -1.58%
Vimpelcom Ltd Ads (VIP) $8.75 -1.57%
Keurig Green Mountain Inc (GMCR) $134.44 -1.55%
Google Inc. (GOOGL) $579.35 -1.49%
Cognizant Technology Solutions Corp. (CTSH) $45.47 -1.42%
Express Scripts Holding Co (ESRX) $73.79 -1.24%
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