US stocks ended mostly lower on Thursday amid concerns about Friday’s monthly US labour report and the kickoff of corporate earnings season.
The Dow Jones Industrial Average fell 17.98 (0.11 per cent) to 16,444.76.
The broad-based S&P 500 edged 0.64 (0.03 per cent) higher to 1,838.13, while the tech-rich Nasdaq Composite Index dropped 9.42 (0.23 per cent) to 4,156.19.
The results continued the sluggish start to the stock market in 2014. Leading indices have fallen three of four days this week.
Gregori Volokhine, president of Meeschaert Capital Markets, said investors fear that a strong US jobs report on Friday will lead the US Federal Reserve to “more aggressively” scale back its stimulus.
At the same time, some “very disappointing” early earnings reports from retailers Family Dollar and Bed, Bath & Beyond has investors on edge about earnings season, Volokhine said.
Family Dollar dropped 2.1 per cent and Bed, Bath & Beyond sank 12.5 per cent after both companies reported earnings that missed expectations.
Ford Motor rose 1.9 per cent after announcing it will boost its first-quarter dividend by 25 per cent to US12.5 cents per share (A14.1 cents). The company also said its policy is to “target a regular, growing dividend.”
Alcoa shares fell 1.3 per cent after the Justice Department announced charges that a joint venture in controls bribed Bahrain officials to get business; Alcoa agreed to settle the charges with US agencies for $US384 million.
Carrier United Continental gained 6.8 per cent after announcing its per-passenger-mile revenue rose strongly in December and that its overall fourth quarter capacity would be up a solid 2.6 per cent from 2012.
Biotech firm Intercept Pharmaceuticals rocketed 281.1 per cent after announcing positive results from trials of its treatment for non-alcoholic steatohepatitis (NASH), a leading cause of cirrhosis and liver failure
Macy’s jumped 7.6 per cent after confirming its 2013 profit forecast, based on a “successful” holiday shopping season and providing a 2014 forecast that bested analyst expectations.
Separately, the company announced plans to slash 2500 jobs.
Bond prices rose. The yield on the 10-year US Treasury slipped to 2.96 per cent from 2.99 per cent on Wednesday, while the 30-year fell to 3.87 per cent from 3.88 per cent.
Bond prices and yields move inversely.
