In New York trading on Friday, indexes accelerated declines in the afternoon and closed down between 1% and 2%. For the week, the Nasdaq fell nearly 3% and the S&P 500 index declined 2.1%. Crude oil traded below $100 a barrel for the first time in three months.
U.S. indexes traded lower after weekly jobless claims fell to one-month low and the service industry expanded at a slower pace in April. Green Mountain Coffee plunged 46% after it lowered its earnings outlook. European Central Bank left rates at 1%.
U.S. stocks traded sideways after private sector added less than expected jobs in April and unemployment in Europe surged to a record high in fifteen years. U.S. auto sales rose for the sixth month in a row and BMW and Mercedes sales rose 27% in April but GM and Ford sales fell.
Stock gains in Tokyo were limited ahead of a long weekend and elections in Europe. Exporters and auto makers were higher after the yen eased and energy sector stocks advanced after Idemitsu Kosan Co reported better than expected fiscal year earnings.
U.S. indexes gained after latest manufacturing report suggested was better than expected. UK panel lashed out in a critical report at Rupert Murdoch found him unfit to run a major corporation and the report was highly critical of three former executives including ex publisher of Wall Street Journal.
Stocks in Japan dropped in thin trading after the yen strengthened. Exporters and automakers were among the leading decliners. Mitsubishi and Mitsui agreed to take the stake in Western Australia based natural gas field for $2 billion.
U.S. stocks eased after Spain joined the UK and entered recession for the second time since 2009 and the U.S. business activities expanded at the slowest pace in April in three years. The benchmark S&P 500 index fell 0.8%, first decline after four months of gains.
U.S. markets closed higher and closed up for the second week in a row after investors focused on improved consumer confidence and better than expected earnings. Bank of Japan expanded its programs to buy stocks and real estate securities and bond yields rose in Europe but in fell in New York.
Stocks in Tokyo closed down after an early rally faded. Bank of Japan expanded its risky asset purchase program by $124 billion as anticipated. Softbank surged more than 3% after it hiked dividend and reported a surge in operating profit.
U.S. investors focused on positive earnings and the number contracts to buy homes increased. However, initial claims of weekly unemployment were flat in the last week and weak earnings from Pepsi, UPS, Dow Chemical and Aetna kept market gains in check.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.
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