por admin » Lun Oct 03, 2016 3:30 pm
Las acciones caen despues del rally.
U.S. Stocks Pull Back After Rally
Sterling falls after signal that Brexit process to start next March
By RIVA GOLD
Updated Oct. 3, 2016 4:06 p.m. ET
U.S. stocks pulled back after Friday’s rally capped their best quarter of the year.
The Dow Jones Industrial Average declined 54 points, or 0.3%, to 18254. The S&P 500 fell 0.3%, and the Nasdaq Composite dropped 0.2%.
Stocks briefly pared losses after a gauge of U.S. manufacturing rebounded in September. The Institute for Supply Management said its manufacturing index increased last month, after a contraction in activity in August.
The results bring hope for manufacturers that have been hurt by weak business spending and sluggish economic growth.
U.S. government bonds fell, with the yield on the 10-year Treasury note rising to 1.624%, according to Tradeweb, compared with 1.605% Friday.
The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.1%.
Stocks that investors consider bond proxies because they tend to pay steady dividends, such as utilities, were among the biggest decliners. The utilities sector of the S&P 500 lost 1.4% after falling 6.7% in the third quarter—its biggest quarterly drop since 2009. Real-estate shares fell 1.8% Monday.
Some traders said volumes were low. “There’s not a whole lot of conviction on either side,” said Sahak Manuelian, managing director of equity trading at Wedbush Securities.
Energy shares fell even as U.S. crude oil hung onto last week’s rally, settling up 1.2% at $48.81 a barrel Monday. An agreement by the Organization of the Petroleum Exporting Countries to cut oil production sparked a lift in oil prices last week.
Shares in Asia closed higher, while the Stoxx Europe 600 edged up 0.1%. Markets in China and Germany were closed for holidays.
In currencies, the British pound slumped as investors focused on Britain’s plans to leave the European Union. The pound was recently down 0.9% against the U.S. dollar at $1.2858.
A London trading desk. European stocks started the quarter little changed Monday as investors focused on the health of the region’s banking sector and Britain’s plans to exit from the EU. ENLARGE
A London trading desk. European stocks started the quarter little changed Monday as investors focused on the health of the region’s banking sector and Britain’s plans to exit from the EU. PHOTO: LUKE MACGREGOR/REUTERS
Today's Highlights
Details of Deutsche Bank Settlement Talks in Flux
Chicago’s Struggling Schools Made Wall Street $110 Million
‘Tick Size’ Widening for Some Small-Company Stocks
British Prime Minister Theresa May said Sunday that the U.K. would start disentangling itself from the European Union by the end of March and signaled she would pursue a clean break.
“We’re getting a bit more clarity about the shape Brexit will take,” said Vasileios Gkionakis, head of global currency strategy at UniCredit Research. “A ‘hard Brexit,’ which means more restricted access to the single market, seems to be increasingly the most likely scenario,” he said.
Mr. Gkionakis expects this to have a measurable economic impact on the U.K. and trigger further depreciation for sterling.
London’s export-heavy FTSE 100 index, which tends to benefit from a weaker currency, rose 1.2%, leading gains in European stock markets.
In addition, data showed the U.K. manufacturing sector continued to expand in September.
Even with German markets closed for a holiday, investors continued to follow headlines around Germany’s largest lender.
The Wall Street Journal had reported in September that the U.S. Justice Department proposed Deutsche Bank pay $14 billion to reach a settlement related to its dealings in mortgage securities ahead of the financial crisis.