US STOCKS-Wall St edges lower; investors watch dollar strength

martes 30 de septiembre de 2014 10:07 GYT
 

* Indexes down: Dow 0.2 pct, S&P 0.2 pct, Nasdaq 0.3 pct

By Ryan Vlastelica

NEW YORK, Sept 30 (Reuters) - U.S. stocks were slightly lower on Tuesday, pulling back from the gain indicated by futures, as the dollar rose and weighed on multinational names.

Major indexes are on track for a negative month, though they remain set to gain over the third quarter. The S&P 500 and Nasdaq are both on track for their seventh straight quarterly advance.

The U.S. Dollar index rose 0.5 percent against a basket of currencies, up for its sixth time in the past eight sessions to a four-year high.

"The dollar can absolutely become a headwind to U.S. companies, and if a lot cite the dollar for weakness in sales, that could really translate to the stock market," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Tuz cited tobacco giant Philip Morris as the kind of company that could take a hit from the strengthening dollar. "Earnings estimates have really come down there in part due to the dollar. We own it, but we're not in the mood to buy more until things stabilize."

Philip Morris shares fell 0.3 percent.

Stock futures had pointed to modest gains, but began to pull back after the S&P/Case Shiller index of home prices showed less growth than expected in July.   Continuación...