Daily Outlook

Market trends review: US stocks and oil fall

Market trends review: US stocks and oil fall

U.S. stocks halted a three-day advance after disappointing results from Goldman Sachs Group Inc. and Citigroup Inc. dragged down bank shares. Crude slumped toward $63 a barrel in New York.

The S&P 500 Index dipped below 2,900, a level it surpassed last week for the first time in six months. Goldman slumped 3 percent for the biggest drop in the Dow Jones Industrial Average after missing estimates for sales and trading revenue. Citigroup also retreated after its revenue matched expectations. The Bloomberg Commodity Index slid as natural gas and crude futures retreated.

The Stoxx Europe 600 Index traded in a tight range Monday, as losses in mining shares offset increases in media and insurance. The euro strengthened for a second day. In Asia, equities approached a fresh six-month high, propelled by markets in Japan and Korea, following the Bank of China’s release of upbeat credit data late Friday.

Elsewhere, West Texas oil contracts slipped after the longest run of weekly gains in three years as a report showed increased U.S. oil-rig activity. Emerging market stocks pared early gains, while still heading for the 12th increase in 13 sessions. In currencies, Korea’s won jump the most since January.

The S&P 500 fell 0.1 percent at 1:32 p.m. in New York. The Stoxx Europe 600 Index rose 0.1 percent. The MSCI Asia Pacific Index advanced 0.5 percent, the largest gain in more than a week.  Gold declined 0.4 percent to $1,285.03 an ounce, the weakest in more than 11 weeks. Brent crude fell 0.6 percent to $71.16 a barrel.

U.S. Stocks Fall on Bank Earnings; Crude Oil Drops, Bloomberg, Apr 15
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