26 August 2009, 18:08  Stocks slip

Stocks inched lower Wednesday morning, with energy and financial shares leading the decline, as investors took a step back after pushing the major gauges to fresh 2009 highs Tuesday. A better-than-expected durable goods orders report had little impact, with investors more focused on the housing report due shortly. A report on orders for durable goods -- big-ticket items meant to last three years or longer -- showed an increase that outpaced expectations. July durable goods orders rose 4.9%, according to the Commerce Department. This was greater than the 3.2% increase that was forecast by a Briefing.com's consensus of economists. The government revised its figure for June, to a decrease of 1.3%, previously reported as a 2.2% drop. n Asia, stocks finished in positive territory. Japan's Nikkei added 1.4% while the Hang Seng in Hong Kong edged higher. Stocks in Europe declined in afternoon trading. Crude prices slipped by $1.20 a barrel to $70.85 on the New York Mercantile Exchange, ahead of the U.S. Energy Department's weekly report on fuel inventories.

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