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Data weighs on stocks

Wednesday, May 04, 2016 - 01:17

The major indexes lost ground again on Wednesday, on concerns about the global economy. Bobbi Rebell reports.

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Concerns about the global economy sent stocks down for a second straight day. Kevin Kelly of Recon Capital Partners: SOUNDBITE: KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL PARTNERS (ENGLISH) SAYING: "We're getting mixed economic data, if not it being bad economic data, and that's slowly feeding into investors expectations that the Fed's not going to raise rates throughout the rest of the year." The services sector expanded in April. But hiring by private employers fell to a three-year low. The trade deficit fell in March, signaling slackening domestic demand. And productivity declined in the first quarter. Priceline's shares dropped, dragging down rival online travel agencies. It warned that growth of profit and bookings would slow in the current quarter. Strong performance from CNN and HBO helped boost profit and revenue at Time Warner. Shares rose. The owner of the New York Stock Exchange, Intercontinental Exchange, said it won't bid for the London Stock Exchange. ICE's shares rose. Tesla's shares fell after Bloomberg reported that two manufacturing executives were leaving, Separately, the electric car maker is recalling vehicles that contain Takata air bag inflators. The U.S. Transportation Department vastly expanded its recall to include 16 other automakers Wednesday. In Europe, telecom and energy shares dragged stocks sharply lower.

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Data weighs on stocks

Wednesday, May 04, 2016 - 01:17