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Stocks dip as Egypt turmoil worsens

By The Associated Press
Tuesday, July 2, 2013, 6:54 p.m.
 

NEW YORK — The stock market ended slightly lower on Tuesday as reports of intensifying political turmoil in Egypt offset good news about the economy.

Stocks rose most of the day on positive news about car sales, home prices and manufacturing. But major indexes turned lower after 1:40 p.m. as news emerged that Egypt's military had drawn up plans to suspend the country's constitution, dissolve its legislature and set up an interim government. Millions of protesters are demanding the ouster of President Mohamed Morsy.

The price of oil climbed close to $100 a barrel on concern that the crisis in the largest Arab nation could disrupt the flow of crude from the region.

“It's more or less Egypt unrest,” said Sal Arnuk, co-founder of Themis Trading, a brokerage firm that specializes in stocks. “These very large protests are being televised and broadcast — that's spooking people.”

The Standard & Poor's 500 index had climbed as much as 9 points shortly before midday. It then fell as much as 8 points before closing down 0.88 point, or 0.1 percent, at 1,614.08

The Dow Jones industrial average fell 42.55 points, or 0.3 percent, to 14,932.41. The Nasdaq composite slipped 1.09 points, a fraction of a percentage point, at 3,433.40

Trading activity was lighter than normal, influenced by the July 4 holiday. The stock market will close at 1 p.m. on Wednesday and will re-open on Friday.

Crude oil jumped about $1 a barrel when news emerged of the worsening political situation in Egypt. Oil closed up $1.61 at $99.60 a barrel in New York. It last crossed $100 on Sept. 14 of last year.

The market's early gains were driven by a number of strong economic reports.

Auto sales reached 7.8 million in the six months to June, the highest first-half total since 2007. That helped lift Ford's stock 44 cents, or 2.8 percent, to $16.18.

Factory orders rose in May, helped by a third consecutive month of stronger business investment.

And home prices jumped 12.2 percent in May from a year earlier, the most in seven years, according to real estate data provider CoreLogic.

 

 
 


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