US Stocks Drop after Fed and BOJ Stand Pat

U.S. stocks opened lower Thursday, following news that the U.S. economy sputtered in the first quarter to the lowest growth in two years, as businesses slashed investment by the steepest rate since the Great Recession.

The drop tracked declines in European and Asia shares, after the Bank of Japan rattled investors by offering no additional stimulus measures.

The S&P 500 shed 4 points, or 0.2%, to 2,090, led by a 1.2% drop in materials stocks. The technology and consumer-staples sectors were the only two sectors in positive territory.

The Dow Jones Industrial Average dropped 76 points, or 0.4%, to 17,964, weighed by 1.7% drop in E.I. DuPont de Nemours & Co..

The Nasdaq Composite was flirting with positive territory, last trading up 4 points, or 0.1%, to 4,868.

via MarketWatch

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza