Markets Edge Lower in Early Trading

By THE ASSOCIATED PRESS August 27, 2014

Markets on Wall Street were slightly lower on Wednesday, a day after the Standard & Poor's 500-stock index first closed above 2,000 points.

KEEPING SCORE The Dow Jones industrial average fell 0.01 percent and the Standard & Poor's 500-stock index was down 0.04 percent. The Nasdaq composite index dropped 0.09 percent. In Europe, the DAX was up 0.1 percent in Germany and the CAC-40 in France rose 0.2 percent. The FTSE 100 in Britain edged 0.1 percent higher.

SPILLOVER The S.&P. 500's 0.1 percent gain to a record close of 2,000.02 on Tuesday, supported by strong American consumer confidence data, provided upward momentum for Asian markets ahead of the release of major economic data later this week. In Europe, stocks and bonds have been rising since last week on hopes of more central bank stimulus, but that rally lost steam by Wednesday.

FORWARD LOOK Investors remain cautious over the outlook for markets ahead of key indicators for the eurozone and China later this week. Lending figures are due for China, with analysts saying they could show another month of poor growth. "This bodes ill for third-quarter growth," said Dariusz Kowalczyk of Crédit Agricole in a research note. The eurozone will have inflation figures — another drop from the current record low could cement the case for the European Central Bank to provide more stimulus to the economy at its meeting next week.

Interactive Feature | Standard & Poor's 500-Stock Index

GLOWING RESULT Tiffany & Company rose 3 percent after the jewelry company reported earnings that were well ahead of what analysts were expecting.

ASIA'S DAY In Japan, the Nikkei 225 closed 0.1 percent higher at 15,534.82 after a choppy day of trading. The Hang Seng in Hong Kong fell 0.6 percent. South Korea's Kospi added 0.3 percent and in Australia, the S&P/ASX 200 rose 0.2 percent. Benchmark indexes in mainland China, India, Taiwan and Southeast Asia were higher.

CURRENCIES The dollar dropped to 103.90 yen from 104.10 yen late Tuesday. The euro rose to $1.3180 from $1.3169.

ENERGY Benchmark United States crude for October delivery was up 31 cents at $94.17 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 51 cents to close at $93.86 on Tuesday.

BONDS Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent.

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