US equities settled in negative territory in a day with thin trade volumes as stalled fiscal cliff negotiations create an atmosphere of uncertainty amongst investors. The Nasdaq was the laggard of the indices with losses of 0.98%, in keeping with this poor performance Technology was the worst sector in the S&P 500 seeing losses of 1.16% weighed upon by losses in Apple. Apple was down 3.8% after having their price target lowered by UBS from USD 780 to USD 700 and news that a key Asian supplier have received order cuts. Also weighing on the Tech sector were Jabil Circuit who saw losses of 5.40% after also having their price target cut by UBS. However the biggest drag on the index was Best Buy with losses of over 14% after headlines today the company founder Richard Schulze has had the deadline to takeover Best Buy extended until February, quashing hopes that a takeover would happen soon. Basic Materials was the only gaining sector in the S&P 500 with Steel companies such as United Steel and Nucor seeing gains after strong Chinese Manufacturing PMI yesterday and a beat in US Industrial Production data. Finally, the DJIA finished down 0.27% at 13134.94, the S&P 500 finished down 0.41% at 1413.59 and the NASDAQ 100 finished down 0.98% at 2628.09.
14 Dec 2012 - 15:05 - - Source: RANsquawk
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