Get breaking news alerts via email

Click here to manage your alerts
In this Tuesday, Dec. 3, 2013 photo, traders Gregory Rowe, left, and Michael Urkonis work on the floor of the New York Stock Exchange. World stock markets extended losses Thursday Dec. 12, 2013 after an apparent budget deal in the U.S. Congress reinforced expectations the Federal Reserve will cut its monetary stimulus as early as next week. (AP Photo/Richard Drew)
U.S. stocks lower, setting up 3rd day of declines
First Published Dec 12 2013 08:38 am • Last Updated Dec 12 2013 08:38 am

Lower stock prices on Thursday set up investors for what would be their third day in a row of declines.

Stocks have risen sharply this year, and some analysts have been wondering if buyers will begin to get more choosy. Also, some investors are worried that a recovering U.S. economy suggests that the Federal Reserve may wind down its stimulus, which has helped to lift stock prices.

Join the Discussion
Post a Comment

About 45 minutes after trading began, the Dow Jones industrial average was down 85 points, or 0.5 percent, at 15,770. The Standard & Poor’s 500 index was down five points, or 0.3 percent, at 1,778. The Nasdaq was down five points, or 0.1 percent, at 4,002.

Stocks posted their biggest declines in five weeks on Wednesday, but the Dow is still up more than 20 percent for the year, and the S&P 500 is up almost 25 percent.

In economic news, the number of people seeking unemployment benefits rose to about where it was before the Great Recession.

Also, U.S. shoppers spent more money on appliances, furniture and cars in November. Spending had been muted for months heading into the crucial holiday shopping period, a worrisome sign for investors. Retail sales rose 0.7 percent, the biggest gain in five months. October sales were also revised higher.

Facebook rose $1.62, or 3.3 percent, to $51 after the stock was added to the S&P 500 index.

Lululemon Athletica fell $5.03, or 7.3 percent, to $63.31 after the upscale yoga clothing maker issued a poor sales outlook. Lululemon said a key sales figure will be flat in the next quarter, and revenue for the year will be less than it had predicted.

W.W. Grainger fell after reporting disappointing November sales. The stock fell $5.26, or 2 percent, to $248.70.

Hilton Worldwide jumped $1.49, or 7 percent, to $21.49 on its first day of trading.

story continues below
story continues below

Stocks were lower in Europe, too, including a 1.1 percent decline in Britain’s FTSE.

The yield on the 10-year Treasury note rose to 2.88 percent, from 2.85 percent on Wednesday.

Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment

About Reader Comments

Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.