NEW YORK (AP) — Stocks in New York closed Wednesday after a higher opening with losses. Tensions in Ukraine regained traction in the markets during the session. Especially after the United States announced additional sanctions against Russia. Moscow, in turn, announced that it would come up with a strong counter-reaction. The Ukrainian parliament has declared a state of emergency in the country. Tech companies, in particular, went on sale.
The Dow Jones Industrial Average closed the session with a 1.4 percent loss at 33,131.76 points, its lowest level this year. The S&P 500 fell 1.8 percent to 4225.50 points. Tech gauge Nasdaq fell 2.6 percent to 13,037.49 points.
Car manufacturer Ford (minus 2 percent) was among the losers. CEO of the group Jim Farley denied that the company has plans to divest the part that makes electric cars. Rumors about this have been circulating lately.
Virgin Galactic
Virgin Galactic won 3.5 percent. Billionaire Richard Branson’s space tourism company lost less than expected last quarter and improved its cash position. Pharmaceutical Kodiak Sciences plunged 80 percent after disappointing test results for its experimental eye drug.
DIY group Lowe’s kept 0.2 percent of a previous solid profit at the close. The company did well last quarter as Americans spent more money on improving and renovating their homes due to the tight housing market. Tupperware fell 2.7 percent. The marketing company, which is mainly known for plastic bins for food storage, booked more sales than expected. However, the profit in the past quarter was disappointing.
UPS
UPS lost 2.1 percent. The parcel deliverer will not receive billions in compensation from the European Commission for thwarting the takeover of TNT Express. The committee has made mistakes, but it is not said that UPS has been harmed as a result, the European Court of Justice ruled. UPS wanted to incorporate the Dutch parcel carrier in 2013, but was vetoed by the committee. UPS then withdrew from the sale, after which competitor FedEx eventually ran off with TNT.
The euro was worth USD 1.1305, against USD 1.1318 a day earlier. A barrel of American oil became a fraction more expensive at $92.04. Brent oil was virtually the same in price compared to a day earlier at 96.81 dollars a barrel.
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