Saturday, August 23, 2014

Wall Street retreats amid tensions in Ukraine – Challenges.fr

Wall Street retreats amid tensions in Ukraine – Challenges.fr

NEW YORK (Reuters) – The New York Stock Exchange finished Friday down slightly with rising tensions in Ukraine and after a speech by the president of the Federal Reserve, Janet Yellen, who has given no clear indication . the timing of rate hike

The Dow Jones yielded 0.22% (38.27 points) to 17,001.22 points and the S & amp; P-500, wider, lost 3.97 points, or 0.20%, to 1,988.40 points.

The Nasdaq Composite was up 6.44 point turn (0.14%) to 4538.55 points.

The three benchmark indices rose throughout the week with 2% for the Dow, 1.7% for the S & amp; P and 1.6% for the Nasdaq

Ukraine believed that the entry of Russian trucks into its territory constituted a “direct invasion” from Russia, but announced that it would not use force and called the international community to condemn the action of Moscow.

“The market is a little naive if he thinks that the Ukrainian crisis will disappear pretty quickly,” said Erik Davidson, chief investment officer at Wells Fargo Private Bank .

Those who thought about Janet Yellen would propel the S & amp “certainly still is talk of Ukraine this winter.”. p> “There was a little for everyone, but it was careful not to commit to anything that the markets have already factored in,” said Phil Orlando, strategist Federate Investors.

EURO flexes FACE THE DOLLAR

The American job market is still disturbed by the impact of the “Great Recession” and the Fed must be careful in the scheduling of raising interest rates, said the president of the Fed.

In a speech at the Fed symposium in Jackson Hole, Wyoming, Janet Yellen advocated a “pragmatic”

approach to the labor market for those responsible for monetary policy to evaluate the performance of different indicators without being constrained by a predefined schedule. If his words did little to react markets Action and hardly moves Treasuries yields, they have instead pushed the dollar against a basket of reference currencies, especially the euro, which lost 0.28% against the dollar, around 1 , 3246 dollar.

The president of the European Central Bank, Mario Draghi, also spoke Friday in Jackson Hole, saying that the ECB stands ready to further adjustments to monetary policy, not move too Wall Street.

The trend has also been driven by the latest publications of quarterly results.

Gap took 5.2% after posting better than expected results and raised its forecast earnings per share, thanks to sales of its Old Navy brand.

Aeropostale has however lost about 10%. The chain of clothing stores for teenagers announced a 13% drop in its quarterly same-store sales.

The increase is mainly due to Nasdaq a jump of 13.3% of Keurig Green Mountain , the maker of Keurig K-Cup coffee, which has announced an agreement with Kraft Foods to manufacture and sell their coffee.

(Akane Otani and Michael Connor, Patrick Vignal for the French service)

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