por admin » Mié Ene 19, 2011 4:29 pm
Los bancos hacen bajar profundamente a las acciones
Las acciones en US bajaban mas que en los ultimos dos meses debido a que las utilidades de los grandes bancos envio a los inversionistas a buscar inversiones mas seguras.
El S&P 500 cayo 13.10 puntos o 1.01% para cerrar a 1,281.92. La caida viene despues de siete semanas de alzas. La ultima caida de este tipo fue el 23 de Noviembre.
Banks Pace Steep Drop in Stocks
By JONATHAN CHENG And KRISTINA PETERSON
U.S. stocks notched their steepest one-day drop in nearly two months, as weak earnings from big banks sent investors into safer assets.
The broad Standard & Poor's 500-stock index shed 13.10 points, or 1.01%, to finish at 1281.92. The decline comes after a seven-week run that has seen the markets trickle steadily upward. The last time the S&P 500 fell by even this relatively small amount was on Nov. 23.
The Dow Jones Industrial Average, which tracks 30 of the biggest blue-chip stocks in the U.S., fell a more modest 12.64 points, or 0.11%, to finish at 11825.29.
Small-capitalization stocks fared worse, with the Russell 2000 Index tumbling 2.5%. Investors sought refuge in Treasurys, which rose across the board to push the yield on the benchmark 10-year note down to 3.339%.
"This was due; for the four months, the market has almost gone straight up," said Bob Auer, portfolio manager of Auer Growth Fund. "Four months without even shaking the tree? I don't think this is too bad."
The market decline came on a day when the Investment Company Institute reported net inflows of $3.77 billion into domestic equity for the week ended Jan. 12, compared to net outflows of $4.23 billion the week before that.
"The market went up before the retail investor came in, and it can come down after they join," Mr. Auer said. "It's basically an institutional market, and if institutions are worried about China, Steve Jobs getting sick, that's going to override what Joe Public's trying to do."
Wednesday's market declines were led by financial giants Bank of America and American Express, the two weakest components on the Dow.
Amex lost 2.4% after the card company projected fourth-quarter earnings that slightly missed Wall Street estimates and said it will cut about 550 jobs as it consolidates some facilities. Bank of America fell 4.2% ahead of its earnings results on Friday, amid general gloominess around the country's largest banks.
.A crop of disappointing bank earnings soured the market's mood on financials, one of the biggest beneficiaries of the recent rally on the stock market.
The biggest letdown came from Goldman Sachs, which saw its fourth-quarter earnings narrowly beat Street estimates but fall short on revenue. Shares of Goldman fell 4.7%, while rival Morgan Stanley sank 3.5%.
"Goldman doesn't usually miss ... but at the end of the day, Goldman had a trading revenue decline, and it just makes Goldman human," said Michael Shea, managing partner at Direct Access Partners.
Northern Trust sank 5.7% after its fourth-quarter earnings dropped 22% as persistently low interest rates constrained the trust-and-custody bank's interest income and trust fee levels. State Street fell 4.1% after fourth-quarter profit plunged 84% on charges, and the money manager said it would reduce its work force by 1,400 employees and trim its real-estate holdings.
Apple and IBM report record results, but the stock market doesn't seem impressed, as Goldman Sachs' earnings and the latest housing data fail to inspire. John Shipman, Kathleen Madigan and George Stahl report.
.Wells Fargo fell 2.1% after its fourth-quarter earnings just met expectations, though the bank posted stronger-than-expected revenue. J.P. Morgan Chase fell 2.3%, while Citigroup was off 0.8%.
The market's disappointment suggests that expectations for corporate profits may have climbed too high.
"When you come into earnings season with a big run like the one we've had, expectations are too high. No matter what companies report, it's a disappointment," says Mikel Keifer, investment strategist with Jurika, Mills & Keifer in San Francisco.
Despite weakness in the financial sector, Mr. Keifer said bank earnings offered some encouraging signs for the broader economy.
"Credit seemed pretty decent across the board, with Citigroup and Wells Fargo. It seems credit is improving, and that's a good sign," he said. "If they feel comfortable with their balance sheet and start lending, that will be better for the economy and for the banks themselves."
Materials also lagged behind as commodity prices sagged, with U.S. Steel off 5.9% and AK Steel Holding falling 4.4%. Monsanto was also down 4.6%. Copper fell 1.3%, while crude-oil prices slipped to below $91 a barrel. Gold futures edged up.
Technology stocks were also a drag on the market, with the technology-heavy Nasdaq Composite falling 40.49 points, or 1.46%, to 2725.36.
European Pressphoto Agency
Traders work in the Goldman Sachs both on the floor of the New York Stock Exchange after the Opening Bell Jan. 19.
.Shares of Apple slipped 0.5% in choppy trading after the consumer-electronics company said first-quarter net income jumped to $6 billion, or $6.43 a share from $3.38 billion, or $3.67 a share, for the same period last year. Revenue jumped more than 70% to $26.74 billion on strong holiday sales of the iPhone and iPad. Apple had dropped 2.2% on Tuesday after the company announced Chief Executive Steve Jobs would be taking another medical leave.
On the positive side, International Business Machines was the strongest performer among the Dow components, gaining 3.4% after reporting its strongest quarterly revenue growth in almost a decade, as earnings rose 9.2% and revenue increased 6.6%.
The day's U.S. economic data was mixed. Housing starts fell 4.3% in December to a seasonally adjusted annual rate of 529,000 from a downwardly revised 553,000 a month earlier, the Commerce Department reported. Economists had expected overall housing starts to fall only slightly in December to a rate of 554,000. However, building permits, a gauge of future construction, surged 16.7% to an annual rate of 635,000.
.The dollar weakened against both the euro and the yen. The euro was trading at $1.3469, up from $1.3385 late Tuesday in New York. The U.S. Dollar Index, which tracks the currency against a basket of others, fell 0.5%.