Stocks Finished Lower on Weak Outlook

U.S. stocks finished lower on Monday on dim hopes for corporate earnings and predictions of slower growth in Asia. The Dow Jones Industrial Average slid 26.50 points, or 0.19%, to 13,583.65. The S&P 500 index shed 5.05 points, or 0.35%, to 1,455.88. The Nasdaq Composite lost 23.84 points, or 0.76%, to 3,112.35.

Gold fell on Monday, extending its losses from the previous session to mark the largest two-day drop since August, as buyers remained wary of the precious metal’s prospects after positive U.S. jobs data last week. The spot price of gold was down about 0.4 percent, hovering around $1,780 an ounce by 1800 GMT and extending Friday’s 0.5 percent drop.

Principal Financial Group Inc. ( PFG) said late Monday it signed an agreement to buy Chilean pension manager AFP Cuprum SA for $1.51 billion. Cuprum has about $32 billion in assets under management. Under the agreement, Empresas Penta SA and Inversiones Banpenta Limitada will sell their 63% stake in Cuprum conforming with a public tender offer of the remaining 37% in publicly traded shares. Principal Financial expects the deal to close in the first quarter of 2013 and add immediately to earnings per share and return on investment.

About the Author

has written 14914 stories on this site.

Copyright © 2012 Nine Stocks