US stocks declined extending losses to a third day in a row due to overwhelming uncertainty for Feds decision about stimulus along with ambiguous US data.
Dow Jones Industrial Average declined yesterday for a third consecutive day, first time since start of the year. The benchmark index has been on an up-slope this year. It recorded 0.8% loss at closing yesterday. However, despite the negative streak the index is up 14% year to date.
“The market had a years worth of gains in four months,” said Tim Hoyle, director of research with Haverford Trust cited by The Wall Street Journal.
Other benchmark index – S&P 500 dropped 0.8%, Nasdaq Composite fell 1.1%. There has been a volatility wave as investors are concerned of Feds change in politics and that it could soon reduce its bond buying program. Analysts indicate that markets lack long-term investors.
“There are very little long-term investors,” said Mr. Hoyle. “Its very much fast-money trading.”
In Europe markets offset early gains closing in the red zone with a moderate decline. The main European indexes dipped in the last minutes of trading session.
In corporate news, Health Management Associates gained 11.34% due to an activist shareholder declared interest in board changes and pushed for wider investor freedom. Cooper Tire & Rubber surged 41.12% due to an acquisition made of Indian tire-maker Apollo Tyres. The deal is valued $2.2 billion.
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