The Duncan Banner

Local News

April 18, 2013

Slight decline in midday trading on Wall Street

NEW YORK (AP) — — Disappointing earnings from a range of companies pushed the stock market lower on Thursday, giving major indexes their third loss this week.

Morgan Stanley, UnitedHealth Group and others sank in Thursday trading after turning in their quarterly financial results. Earnings and revenue dropped at Morgan Stanley as the bank made less money from trading bonds and commodities, a common theme for many investment banks this earnings season. Morgan Stanley lost 4 percent to $20.59.

Shortly after 1 p.m., the Standard & Poor's 500 was down five points to 1,547, a decline of 0.3 percent.

Compared to the steep drops earlier this week, the losses on Thursday looked tame. The S&P 500 lost 2 percent on Monday, its worst day of the year, when a slowdown in China's economic growth set off a rout in prices for oil, copper and other commodities and pummeled the stocks of companies that make them. After reaching an all-time high a week ago, the index has slumped 3 percent.

"Earnings are always important," said Randy Frederick, managing director of active trading and derivatives at the brokerage Charles Schwab. "But this week they've taken a back seat to all the other headlines, like slower growth in China, the sharp sell-off in gold and then the bombing in Boston."

UnitedHealth's earnings fell short of analysts' estimates, and the country's largest health insurer said it expects federal budget cuts to pressure its profits this year. Its stock lost 4 percent to $59.65. Ebay fell 5 percent to $53.38 after the online auction company cut its forecast for profits in the current quarter.

Verizon, Pepsi and Union Pacific surged after reporting better quarterly results. Verizon Communications' profits beat analysts' predictions as wireless revenue kept rising at a rate that's the envy of the industry. Profits and sales for Pepsi also surpassed estimates.

Verizon's stock gained 3 percent to $51.23, while Pepsi's climbed 4 percent to $81.94.

Higher shipping rates pushed Union Pacific's profit up 11 percent, and the railroad said it expects to ship more goods later this year. Union Pacific rose 4 percent to $142.87.

After the closing bell, the tech sector weighs in with earnings from IBM, Google and Microsoft.

The market didn't get any help from economic news early Thursday.

The Labor Department reported that the number of Americans seeking unemployment benefits increased 4,000 last week to 352,000. The Philadelphia branch of the Federal Reserve reported a slowdown in manufacturing in the mid-Atlantic region. That survey was weaker than economists had been expecting.

In other trading, the Dow Jones industrial average fell 40 points to 14,579, down 0.3 percent. The Nasdaq composite fell 25 points to 3,179, down 0.8 percent.

Frederick said the market would be down even more were it not for buying from traders who jump in when certain benchmarks in the S&P 500 index are crossed. The S&P 500 index briefly slipped beneath its 50-day moving average of 1,543 in morning trading, then quickly bounced back.

"The technicians watch the 50-day moving average closely," Frederick said. "Anytime the market breaks below it, they're going to jump in and buy."

In the market for U.S. government bonds, Treasury prices rose and their yields fell as traders moved money into low-risk assets.

The yield on the 10-year Treasury note slipped back to 1.68 percent, near its lowest level of the year. That's down from 1.70 percent late Wednesday.

Commodities prices held steady following sharp falls earlier this week. Crude oil was little changed at $87 a barrel and copper was up 2 cents at $3.21 a pound. Gold edged up $4 to $1,387 an ounce.

Crude has lost $10 a barrel over the past two weeks as the outlook for the global economy weakens and oil supplies remain high. Gold had its biggest plunge in 30 years on Monday as inflation in the U.S. remained weak and worries escalated that European central banks might start selling gold.

 

1
Text Only
Local News
  • Temperature hits 101

    The temperature hit 101 in Duncan on Thursday and stayed there for about two hours before cooling down to 99 at 6:35 p.m., the National Weather Service reported.
    More hot weather is in the forecast.

    July 24, 2014

  • 7-24 Rotary Mike Nelson 0087.jpg Nelson discusses Duncan’s water supply during Rotary meeting

    Duncan Vice Mayor Mike Nelson doesn’t think Duncan residents need to worry about the city’s water supply.
    Despite Stage 3 water rationing, which limits outdoor watering to midnight to 9 a.m. Wednesdays and Saturdays, Nelson said the forethought of Duncan’s forefathers, who were also Duncan Rotary members, have created a backup system for the city.

    July 24, 2014 1 Photo

  • 7-24 Douglass Pool Update 0081.jpg What’s dug up at cemetery goes down at spray pad project

       Dana Stanley knew just where to go to get fill dirt for the Douglass Park spray pad project -- the local cemetery.
       The city is building a splash pad on top of what used to be Douglass Pool, but  before that happens  a fairly large hole has to be filled.

    July 24, 2014 1 Photo

  • Traffic stop leads to drug arrest for Duncan man

    Bail was set at $250,000 Wednesday for a Duncan man who was allegedly found to have two bags of methamphetamine and two bags of marijuana in his home.
    Duncan Police Officer Suzannahe Weir said she stopped Steven Fontinott, 62,  for a traffic violation on Saturday.

    July 24, 2014

  • Man drives drunk, rolls truck in the process

    A felony warrant was issued for a Marlow man who was allegedly found to have been driving drunkenly following a rollover accident on Nabor Road.
    Oklahoma Highway Patrol Trooper Darin Carman said William Waller, 33, was pinned under the steering wheel of his truck and smelled of alcohol.

    July 24, 2014

  • Hard year for peaches doesn't dampen summer tradition

    A rusting, silver-colored water tower tells visitors to this rural town between Muskogee and Tulsa that they've come to the “Peach Capitol of Oklahoma.”
    Residents of Stratford, the state’s other self-proclaimed peach capital, might beg to differ. Even so, Porter is known for its peaches, and every year thousands of people flood this town of about 600 residents to taste and celebrate the local crop during the three-day Peach Festival.

    July 24, 2014

  • Gun and drugs found in man’s car as he flees

    Bond was set at $10,000 Wednesday for a Duncan man who allegedly left a pistol, four bags of methamphetamine, a bag of marijuana and paraphernalia in a car after running away from the vehicle.
    Duncan Police Officer Anna Van Dyck said Jahmar Sullivan, 31, opened the passenger door of the car he was riding in and fled while she was conducting a traffic stop on July 6.

    July 24, 2014

  • 7-24 WaterColor.jpg Artistic expression colors her world

    Sixteen-year-old Darien Vassella is a painting prodigy.
    The Duncan native took part in a two-day watercolor class at the Chisholm Trail Heritage Center to further hone her talents.
    Vassella said her family realized she could paint when she took her first art class at 13. Since then, the young artist has sold three paintings.

    July 24, 2014 1 Photo

  • Nighttime run to benefit fight against exploitation

    Duncan’s second annual She Is Safe Run to the Dark 5K will be held at 9 p.m. on Friday.
    The run will be begin and end at Duncan Regional Hospital.
    She Is Safe is a non-profit organization committed to globally  preventing, rescuing and restoring women and girls from abuse and exploitation.

    July 24, 2014

  • That's kind of hot!

    Unexpected isolated thunder storms moved through Stephens County on Wednesday evening with areas receiving less than one-tenth of an inch of precipitation.

    July 23, 2014