US stocks reversed earlier gains to finish lower, as reports that Ukrainian President was considering ending the Ukraine/Russia ceasefire before Friday’s deadline, overshadowed positive US data. Following the Wall Street open, equities rallied after both US Consumer Confidence Index (highest reading since January 2008) and New Home Sales (6yr high) trumped expectations, which saw the S&P 500 post a fresh record high at 1951.17.
In individual stock news, Vertex shares rallied over 40% conversely supporting the biotech index, after a combination of the Co.’s two drugs met a primary endpoint. Elsewhere, Micron shares gained over 4% after the Co.’s earnings report topped forecasts. Home builders also rallied supported by the better than expected US New Home Sale data.
However, in the latter part of the session, US equities fell, as all the 3 major indices turned negative amid touted profit taking, as the VIX index enjoyed its best session since April 7th, surging over 10%. Focus was also on comments from Ukrainian President who said the Ukraine/Russia ceasefire may end before Friday’s deadline over rebel attacks.
Print 20:07, 24 Jun 2014 - US Equities - Source: RANsquawk
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