7/16, 5:29 PM (Source: TeleTrader)
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US markets turn to losses after disappointing data

Major stock markets in the United States turned to losses on Friday after opening in the green territory following rather disheartening results the data released earlier in the day showed. The University of Michigan's preliminary report on the Index of Consumer Sentiment noted a monthly decline of 4.7%. Meanwhile, inventories in the manufacturing and trade sectors rose by just 0.5% in May in comparison to April, with the combined value of distributive trade sales and manufacturers' shipments dropping by 0.3%.

The Dow Jones Industrial Average went down by 0.37%, or 129 points, at 11:26 am ET. The Nasdaq 100 declined by 0.40%, while the S&P 500 decreased by 0.30%.

The euro stood flat against the dollar, selling for $1.18070 at 11:25 am ET. At the same time, the pound sterling lost 0.30% to the greenback, changing hands for $1.37881.

Breaking the News / JR