Last update: 06-Dec-2013 4:49 am
Friday, December 06, 2013
Trinidad & Tobago Guardian Online
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Wall Street falls, heading for worst month since May 2012
NEW YORK—US stocks dipped in weak volume yesterday, with the S&P 500 on track for its worst month since May 2012 as investors held off making large bets before a long weekend with the situation in Syria still uncertain. Trading was volatile, with sharp swings between break-even and losses as US Secretary of State John Kerry said in televised remarks that Syria’s government used poison gas against civilians and made the case for a limited military response.
President Barack Obama said later he has not made a final decision on a response to Syria. The CBOE Volatility index .VIX rose 3.6 per cent. Trading was light ahead of Monday’s market holiday for Labour Day, and the anemic volume likely amplified the market’s swings. “People are uneasy not knowing what’s going on,” said John Carey, portfolio manager at Pioneer Investment Management in Boston. “With that uncertainty and going into the Labour Day holiday, we’re seeing people step back.”
The benchmark S&P 500 stock index is down 1.8 per cent for the week and three per cent for the month, putting it on pace for its worst performance since May 2012
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