NEW YORK (Reuters) - U.S. stocks fell off five-year highs on Wednesday as concerns about global economic growth offset strong bank results and shares of Boeing
Goldman Sachs
JPMorgan shares were last down 0.8 percent at $46 and Goldman added 2 percent to $138.26.
Concern about global economic growth was weighing on the markets, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.
A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.
Shares of Dow component Boeing fell 3.5 percent to $74.25 on concerns about the safety of its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a ream of recent incidents.
"It's certainly going to pull averages down, given Boeing's large market cap, but I don't see it as having broader market implications," Jankovskis said.
The Dow Jones industrial average <.dji> fell 61.79 points or 0.46 percent, to 13,473.1, the S&P 500 <.spx> lost 4.39 points or 0.3 percent, to 1,467.95 and the Nasdaq Composite <.ixic> dropped 2.72 points or 0.09 percent, to 3,108.06.
Losses on Nasdaq were limited by gains in Apple shares, which were up 2 percent at $495.75.
Talks to take Dell Inc
U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.
(Editing by Bernadette Baum)
Wall Street dips at open, Boeing drags
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Wall Street dips at open, Boeing drags
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Wall Street dips at open, Boeing drags