Dow Jones Industrial Average sank 149.76 points (0.94 per cent) to 15,698.85

 

 

 

 

Gold falls for the week on US growth; ends under $1,240

 

 

Spot gold was last down 0.3 percent to $1,239 an ounce, after a 2 percent drop overnight. U.S. gold futures for April delivery settled $2.60 lower at $1,239.80 an ounce, down 1.9 percent on the week after five straight weeks of gains.

But January's early strength was enough to push gold to its first monthly rise in five. The metal rose about 3 percent for the month.

"The market is struggling to break above the $1,275 level or below $1,225, and I think we will stay around these levels again next week as market participants position themselves ahead of the U.S. nonfarm payroll numbers,'' said Afshin Nabavi, head of trading at MKS SA.

The dollar index was up 0.2 percent on the day, close to a one-week high hit on Thursday. Global shares fell as they struggled to shake off the difficulties that have spread from emerging markets.




NEW YORK: US stocks on Friday fell sharply on continued unease over emerging markets and a number of high-profile earnings disappointments.

The Dow Jones Industrial Average sank 149.76 points (0.94 per cent) to 15,698.85. The broad-based S&P 500 fell 11.60 points (0.65 per cent) to 1,782.59, while the tech-rich Nasdaq Composite Index lost 19.25 points (0.47 per cent) at 4,103.88.

Anthony Conroy, head of global trading at Bank of New York Convergex Group, said Friday's losses were prompted by a confluence of factors, including some weak earnings reports and the sense of some investors that a correction was inevitable after the 2013 rise in stocks.

"The economy is probably okay," Conroy said. "I think the emerging markets are probably weaker than expected."
Amazon sank 11.0 per cent after earnings came in at 51 cents per share, well below the 66 cents forecast by analysts.

Results were hit by a sharp rise in expenses.

Dow component Chevron fell 4.1 per cent after earnings slumped 32 per cent compared with last year and revenues of $56.2 billion badly underperformed the $63.1 billion forecast by analysts.

Microsoft gained 2.7 per cent on reports the company is closer to naming Satya Nadella, head of the cloud and enterprise division, as its next chief executive.

Google jumped 4.0 per cent after reporting that revenues on "click" ads rose by nearly a third. Google also announced a new dividend payment.
Chipotle Mexican Grill jumped 11.7 per cent after earnings jumped 30 per cent on a 9.3 per cent rise in comparable restaurant sales. The company also raised its 2014 sales forecast Earnings at MasterCard were 57 cents per share, three cents below expectations, sending its shares down 5.1 per cent.

Mattel tumbled 12.0 per cent after earnings missed the $1.20 per share estimate by 13 cents due to a six percent decline in worldwide sales.
Social games company Zynga shot up 23.6 per cent after announcing it was buying mobile game and animation firm NaturalMotion for $527 million.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.67 per cent from 2.69 per cent, while the 30-year declined to 3.62 per cent from 3.64 per cent.

- AFP/fa