U.S. stocks open flat, as traders ponder downwardly revised 1Q GDP, ahead of G20 conclave
By Palash R. Ghosh | June 26, 2010 3:42 AM EST
After four consecutive days of losses, U.S. stock indices have opened flat, ahead of the start of the G20 meeting this weekend, while traders weigh an unexpected downward revision to first quarter GDP growth (2.7 percent vs. 3.0 percent), with a large reduction in first quarter final sales growth to 0.8 percent from 1.4 percent.
Traders are also pondering the ramifications of pending financial regulation that will overhaul rules that regulate banks and investment firms. However, compromises to the bill by a House-Senate reconciliation committee overnight include features that would limit banks from investing in high-risk asset classes, but would allow such activity at subsidiaries and would not restrict derivatives trading.
The Dow Jones Industrial Average is down 0.05 percent; the S&P 500 index is up 0.01 percent; and the NASDAQ composite is down 0.05 percent.
European stock markets are down, but above intra-day lows. FTSE has slipped 0.19 percent, exacerbated by BP, which has sunk to a 14-year low, on news that costs of containing Gulf oil spill has already exceeded $2-billion
Germany's DAX is down 0.48 percent; and France's CAC 40 has lost 0.31 percent.
Major Asian equity indices dropped, following Wall Street's declines Thursday, partially on fears that financial regulation in the U.S. would hurt the banking sector and curb global economic growth. Japan's Nikkei-225 index plunged 1.92 percent, while Hong Kong's Hang Seng index edged down 0.21 percent.
To contact the editor, e-mail:
Most Popular Slideshows
- Top 5 Richest Tennis Athletes
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- 2014 US Open Update (Day 4 - Men's Singles): Murray, Djokovic, Raonic and Isner Advance to 3rd Round [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Australian Stock Market Report – Midday August 28, 2014
- Australian Stock Market Report – Midday August 29, 2014
- Australian Stock Market Report – Afternoon August 29, 2014
- Australian Stock Market Report – Morning August 29, 2014
- Analyst: Slowdown in Home Prices is Good, the Final Stage to Economic Recovery
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- iPhone 6 Release Date Update: 4.7-Inch Model Scores 65.8% In Screen-To-Size Ratio; A Surprise Entry Scales Top Spot [List Attached]
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- Product Recall Alert: Hewlett-Packard Pulls Out 6M Power Cords from US, Canada Over Fire Hazard Concerns, Australia Also Affected
- ISIS Wants $6.6M and Release of Aafia Siddiqui in Exchange of Head of Female US Humanitarian Aid Worker, 1st American Fighting for Jihadis Dead
- James Foley Torture Involves CIA Waterboarding Technique
- Ukraine Ceasefire Looks Remote As Putin Talks Tough At Meeting With Poroshenko