U.S. stocks retreat with global shares

December 31, 2014 10:27 am 

NEW YORK, Dec. 31 — U.S. stocks drifted lower Tuesday following the decline of equities across the board around the world, as benchmark indices lost some momentum after the recent record rally in the past two consecutive weeks.

The Dow Jones Industrial Average fell 55.16 points, or 0.31 percent, to 17,983.07. The S&P 500 decreased 10.22 points, or 0.49 percent, to 2,080.35. The Nasdaq Composite Index dipped 29.47 points, or 0.61 percent, to 4,777.44.

Fresh anxiety over the turmoil in oil markets and political uncertainty in Greece dragged most Asian stocks lower Tuesday, with Japan's benchmark Nikkei index going down 1.57 percent to 17,450.77 points.

European shares also witnessed broad drops Tuesday as political uncertainty in Greece weighed on investor sentiment.

On the economic front, U.S. home prices posted a slower growth in October, according to S&P/Case-Shiller Home Price Indices released Tuesday.

The 10-City Composite gained 4.4 percent year on year, down from 4.7 percent in September, while the 20-City Composite rose 4.5 percent year on year, compared to 4.8 percent in September.

The Conference Board Consumer Confidence Index registered 92.6 in December, up from the upwardly-revised 91.0 last month, narrowly missing market expectations of 93.0, said the New York- based research group Conference Board in a report Tuesday.

Trading volume remained light in U.S. stock markets, as investors were reluctant to place big bets on equities near the end of the year. U.S. stock markets will be closed Thursday for the New Year's Day holiday.

On Monday, the broader S&P 500 hit another all-time intraday high before finishing at its 53rd record close of this year. The Dow Jones Industrial Average, however, snapped a seven-session gaining streak.

Equities have had a solid rally recently, buoyed by strong economic data and the U.S. Federal Reserve's commitment to be "patient" about hiking interest rates. (PNA/Xinhua)

LGI/JSD

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