A roundup of trading on major world markets:
NEW YORK – Disappointing earnings from IBM and United Technologies hammered the Dow and led the broader market lower.
The Dow Jones Industrial Average tumbled 181.12 points (1.00 per cent) to 17,919.29 on Tuesday.
The broad-based S&P 500 dropped 9.07 (0.43 per cent) to 2,119.21, while the tech-rich Nasdaq Composite Index fell 10.74 (0.21 per cent) to 5,208.12, snapping a streak of three straight record highs.
The Dow was in the red all day after IBM reported lower revenues for the 13th consecutive quarter and United Technologies cut its earnings forecasts due to weak growth in China and weak aviation parts sales.
IBM fell 5.9 per cent, while UTC dropped 7.0 per cent.
LONDON – European stocks reversed their trend as volatile commodity prices and company results hit shares, giving up some of the gains won over the previous nine trading days as the Greek debt crisis eased.
London’s benchmark FTSE 100 index of top companies slid 0.29 per cent to close at 6,769.07 points on Tuesday.
In the eurozone, the CAC 40 in Paris shed 0.70 per cent compared with Monday’s close to 5,106.57 points, while Frankfurt’s DAX 30 fell 1.12 per cent to 11,604.80 points.
The euro strengthened to $US1.0920 from $US1.0824 late in New York on Monday, when it had earlier hit a near three-month low point at $US1.0809.
HONG KONG – Asian markets advanced with Tokyo boosted by a weaker yen and Shanghai’s recovery continuing.
However, falling commodity prices are fuelling fears about global growth.
Tokyo rose 0.93 per cent, or 191.05 points, to close Tuesday at 20,841.97 – close to an 18-year high – and Sydney climbed for a sixth straight session, putting on 0.35 per cent, or 19.8 points, to 5,706.7. Seoul gained 0.50 per cent, or 10.31 points, to 2,083.62.
Shanghai closed up 0.64 per cent, or 25.56 points, at 4,017.67 – ending above the key 4000 point barrier for the first time since July 1.
Hong Kong added 0.52 per cent, or 131.62 points, to 25,536.43.
WELLINGTON – The S&P/NZX 50 Index rose 14.98 points, or 0.3 per cent, to 5876.91.
