US close: Stocks mostly lower as outlook for economy slows
US stocks ended the session mostly lower after a report showed the outlook for the US economy slowed.
The Conference Board’s index of leading indicators, a gauge on the US outlook for the next three to six months, increased 0.2% in August, following a 0.9% gain in July, missing expectations for a 0.4% rise.
It was an otherwise quiet day of macro-economic news, following a busy week that included the Federal Reserve’s latest policy decision.
The central bank on Wednesday decided to cut a further $10bn off monthly bond purchases and keep interest rates unchanged, as expected. The Fed vowed to keep interest rates low for a considerable time after ending its asset buying programme.
On the other side of the pond, Scotland’s First Minister Alex Salmond resigned after the nation voted against independence from the UK in a referendum. The outcome of the vote sent UK and European stocks higher.
In company news, Alibaba opened at $92.70 after selling shares at $68 in an initial public offering (IPO) that raised $21.8bn, the biggest IPO in history.
Oracle Corp. declined after naming two co-chief executive officers as Larry Ellison stepped down.
Concur Technologies advanced as SAP agreed to buy the company for $7.4bn.
Dresser-Rand Group gained following reports Siemens AG plans to offer more than $6.5bn to buy the business.
The US 10-year yield fell four basis points to 2.58%.
West Texas Intermediate crude futures dropped 0.73% to $92.39 per barrel, according to the ICE.