US: Stocks fall again after choppy session
WALL Street stocks finished with more losses Thursday (May 19) as efforts to rebound from the prior session's rout floundered amid worries over slowing growth.
A day after major indices dove more than 3 per cent, markets were choppier, occasionally rising into positive territory a few times.
But investors remained anxious following earnings reports released earlier in the week by major retailers that saw earnings pressured by higher costs.
"It's one thing when strategists talk about it, but it's another thing when you actually hear from companies that they were having difficulties with higher prices, without being able to pass along" higher prices to consumers, said Quincy Krosby, chief equity strategist of LPL Financial, who noted that markets are still not convinced inflation has peaked.
The Dow Jones Industrial Average ended down 0.8 per cent at 31,253.13.
The broad-based S&P 500 dropped 0.6 percent to 3,900.79, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 11,388.50.
Among individual companies, Cisco Systems sank almost 14 per cent after it projected weaker-than-expected sales and profit for the upcoming quarter.
Harley-Davidson plunged 9.2 per cent after it suspended most assembly operations and shipments for 2 weeks due to an unspecified supply chain problem.
Under Armour was another loser, shedding 15.9 per cent as it announced that Patrik Frisk would step down as chief executive as the sportswear company struggles with supply chain problems. AFP
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