12:35 PM New York – U.S. stocks traded lower and Ukraine and Israel bombing overshadowed market sentiment for the second week in a row. European Union stepped up diplomatic pressure on Russia. Russia based Severstal sold its U.S. operations for $1.7 billion.
U.S. stocks traded lower after stocks gyrated wildly in the last two sessions and geopolitical developments overshadowed market sentiment for the second week in a row.
Tollbooth Index, tracking 44 companies with rising bargaining power, slipped 0.6% or 58.01 to 9,443.17.
S&P 500 index declined 8.33 or 0.4% to 1,969.89 and Nasdaq Composite Index dropped 0.3% or 14.12 to 4,418.02. Market indexes had advanced between 6% and 7% so far in the year before geopolitical worries dragged market sentiment last week.
European Union foreign ministers are scheduled to meet tomorrow in Brussels and consider tougher sanctions Russia controlled companies and Russians doing business in the euro zone and wider region to put pressure on President Putin to end violence in eastern Ukraine.
In the Middle East, Israel resisted diplomatic pressure to end bombing campaign that has taken lives of dozens of innocent Palestinians. The conflict has widened and in the bloodiest single day 13 Israeli soldiers and as many as 50 Palestinians were killed.
Steel Dynamics, Inc
) climbed 6.5% or $1.20 to $19.78 after the steel producer and metals recycler agreed to acquire U.S. operations of Russia based OAO Severstal for $1.625 billion in cash.
The transaction is expected to close before the end of year.
) declined 3.7% or $1.45 to $37.45 after the financial service provider reported total revenue in the second-quarter ending in June declined 7.6% to $2.31 billion from a year ago.
Net income in the quarter plunged 22.3% to $425 million or 58 cents a diluted share compared to $547 million or 77 cents from a year earlier.
) rose 54 cents to $71.47 after the oilfield service provider reported total revenue in the second-quarter ending in June soared 10% to $8.05 billion from same quarter of a year ago.
Net income in the quarter surged 20.2% to $774 million or 91 cents a diluted share compared to $644 million or 69 cents from a year earlier.
In London trading, FTSE 100 index slipped 0.4% or 27.91 to 6,721.54 and in Frankfurt the DAX index declined 1% or 100.20 to 9,619.82.
In Paris, CAC 40 index slumped 0.7% or 30.97 to 4,304.34.
U.K. based BskyB television channel operator acquired 70% stake in Love Productions. Switzerland based investment bank and asset manager Julius Baer said net surged 56% to 178.3 million francs.
Technology and healthcare products maker Philips N.V. said net plunged 23% to €243 million on 10% decline in healthcare segment sales.
Sky Deutschland AG
climbed 3.7% to €6.65 on speculation that 21st Century Fox Inc may sell its 57% stake in the company to British Sky Broadcasting Group Plc.
The Sensex Index increased 73.61 or 0.3% to close at 25,715.17 The CNX Nifty gained 20.30 to 7,684.20.