US shares post biggest fall in a fortnight

Friday, 22 Apr 2016 06:36:11 | Rebecca Hyam

US shares have been on a tear, but gave up around 0.5 per cent last night. (Jessica Rinaldi: Reuters)

After reaching a four-month high, Wall Street suffered its worst falls in two weeks because of some disappointing corporate results.

Verizon Communications shed 4.3 per cent, after reporting earnings which fell short of market expectations.

News that a strike by its workers would likely impact its bottom line in the current quarter also weighed on the company's share price.

Toy maker Mattel slumped 6.3 per cent on falling sales.

Coca-Cola tanked for a second day following an underwhelming profit report on Wednesday, but American Express gained value after its profit beat estimates.

The Dow Jones Industrial Average closed 0.6 per cent lower at 17,982.

The S&P 500 Index lost 0.5 per cent to 2,091, but the Nasdaq fared better closing just 2 points lower at 4,945.

Stocks in Europe also retreated - in London, the FTSE 100 Index closed down 0.5 per cent at 6,381.

The local share market is set to follow suit and, at 7:10am (AEST), the ASX SPI 200 was down 0.6 per cent to 5,228.

At the same time, the Australian dollar was buying 77.35 US cents, having lost ground overnight.

On the cross-rates, it was worth 68.52 eurocents, 54.02 British pence, 84.63 Japanese yen and $NZ1.119.

West Texas crude oil rose to $US43.13 a barrel, a barrel of Tapis was lower at $US45.97, and spot gold had increased to $US1,248.46 an ounce.

Meanwhile, iron ore surged ahead to $US68.70 a tonne on spot markets in China, continuing a recent rebound.

AustraliaPlus

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US shares post biggest fall in a fortnight

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