U.S Stocks tumbled at Thursday’s opening session, as the economy grew slower than estimated GDP expanded only by 1.3 percent in the second quarter this year, in addition Chicago PMI decelerated below projections in July.
Meanwhile, Caterpillar Inc and Bank or America Corp shed 1.89 percent and 1.84 percent respectively, on pessimism spread following the gloomy the states GDP data.
Merck & Co lost 1.46 percent, as the company plans to cut 12 to 13 percent of its jobs by year 2015, despite reporting second-quarter quarter results that beat median estimates.
Newmont Mining Corp slipped 1.43 percent after posting second-quarter profit up to $0.90 per share that missed analyst average estimates of $1.009 per share.
On the other hand, MetLife Inc added 2.06 percent, after reporting better-than-estimated quarterly earnings, while Motorola Mobility Holding Inc plunged 2.18 percent after the Smartphone maker said third-quarter results and full year trailed projections.
The Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, fell from today's opening level of 74.09 to currently trade at 73.90 recording its highest level at 74.50 and its lowest at 73.87.
Gold prices surged to reach $1627.62 per ounce climbing from the opening price of $1613.51. Oil declined to reach $95.52 after opening at $97.18 per barrel.
As for stocks, the most sectors that shed points the most leading the decline in the DJIA were the Industrials, Oil & Gas and Technology shares respectively, while in the S&P 500 index most dropping sectors were the Financials, Oil & Gas and Industrials shares respectively.
The Dow Jones Industrial Average traded lower by 130.25 points or 1.06 percent at 09:48 New York time reaching 12109.86 levels, while the S&P 500 index traded at 1285.25 as it dropped by 15.42 points or 1.16 percent, meanwhile the NASDAQ Composite index declined 34.42 points or 1.24% to trade at 2731.90 levels.
