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
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- USA Defeats Lithuania, 96-68; Americans Advance To Championship Round Of 2014 FIBA World Cup [PHOTOS]
Join the Conversation
- Australian Stock Market Report – Afternoon September 16, 2014
- Australian Stock Market Report – Afternoon September 17, 2014
- Financial Intelligence Agency Suspends Sydney Remittance Firm Over Suspicions It Is Used To Finance Terrorism In Middle East
- Australian Stock Market Report – Morning September 17, 2014
- Australian Stock Market Report – Morning September 18, 2014
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- Why Samsung Galaxy S5 Is Not The Best Smartphone To Purchase Now? If You Still Want To, Wait For A Month To Get It Cheap
- Apple iPad Air 2, iPad Mini 3 October Release Date Roundup: Freshly Leaked Protective Case Debuts Unique Vent Alongside Camera
- Ukraine Crisis: Poland Denies Supplying Weapons To Kiev
- Google Nexus 8 Release Date Countdown Begins Oct 8: 8 Killer Specs and Features to Expect
- Canadian IS Jihadist Wants to ‘Play Soccer’ with Heads of US Decapitated Soldiers