Stocks end near session lows, coming under pressure throughout Monday's
session on concerns the global economy could remain weak, particularly
if consumers continue to show restraint. Asian and European stocks
suffered. Chinese stocks recorded their steepest drop since November,
overshadowing a stronger-than-expected U.S. regional manufacturing
gauge. Today's stock decline is the steepest in some six weeks.
The New York Fed's Empire State Index registered at 12.1 for
August, the best reading since November 2007, according to reports.
The global equity drubbing and firmer dollar took a toll on
commodities trading. The slide in commodity prices pressured shares of
companies like Alcoa (
), AK Steel (
) and US Steel (
).
Crude futures close regular trading lower though end off the worst
levels of the day. September fell $0.76 to end at $66.75 a barrel on
the New York Mercantile Exchange. The contract earlier touched an
intraday low of $65.23 a barrel in electronic trading. Crude is trading
just positive, up $0.10 at $66.85 early in the after-hours session.
Financial stocks declined following a swoon for the group in
European trade. UBS (
) reportedly may disclose details on thousands
of US clients and although the bank may not pay fines, its clients may
have to pay taxes and penalties.
Home improvement retailers were weaker after retailer Lowe's (
)
reports Q2 earnings of $0.51 per share, down from $0.63 per share in
the year ago quarter and shy of the Street view of $0.54 per share.
Sales were down 4.6% to $13.8 bln, below expectations of $14.3 bln. The
company also guided largely below the Street's view.
