US STOCKS-Wall St falls after weak German data; earnings eyed

martes 7 de octubre de 2014 10:58 GYT
 

(Updates to morning trading)

By Rodrigo Campos

NEW YORK Oct 7 (Reuters) - U.S. stocks were down in morning trading on Tuesday, pressured by a second straight day of weak data out of Germany, the euro zone's largest economy, but indexes bounced off of session lows.

German industrial output for August slid 4 percent, the biggest fall in 5-1/2 years, a day after a report showed industrial orders had their biggest monthly drop since 2009.

A vacuum of market catalysts will only be filled when earnings start in earnest next week according to Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

"There's not a lot to trade on until earnings. That leaves geopolitics in charge," he said, linking the weak German data to the conflict in eastern Ukraine and economic sanctions against Russia, a major business partner of Berlin.

"There is also concern foreign currency moves are going to impact earnings negatively," he said.

The U.S. dollar strengthened 0.3 percent against the euro on Tuesday, trading near two year highs, with the euro also weighed by the German data.

The Dow Jones industrial average was falling 86.75 points, or 0.51 percent, at 16,905.16, the S&P 500 was losing 8.27 points, or 0.42 percent, at 1,956.55 and the Nasdaq Composite was dropping 20.11 points, or 0.45 percent, at 4,434.69.   Continuación...