Overnight Markets: Wall Street slips after positive economic figures

Wall Street declined on Thursday, trimming the biggest September gain since 1939 for the Standard & Poor’s 500 Index, in spite of a round of better-than-expected economic data as investors took profit at the end of a strong quarter.

The Dow Jones industrial average slipped 47 points, or 0.44%, to 10,788. The Standard & Poor's 500 Index declined three points, or 0.31%, to 1,141. The Nasdaq Composite Index fell eight points, or 0.33%, to 2,368.

Shares started higher on Thursday after data showed the number of people claiming unemployment benefits for the first time declined more than predicted, down 16,000 to 453,000. It had been predicted to fall to 460,000. The Chicago Purchasing Manager’s index rose to 60.4 from 56.7 in August, significantly above the consensus forecast for a decline to 55.5. And the Institute of Supply Management’s report on the New York region showed business activity in New York City increased last month for the first time in four.

But later in the day, shares gave up gains with the energy sector as the only riser as it followed the oil price up. ExxonMobil gained 0.3%, while Occidental Petroleum was up 2.2%.

The S&P 500 financials index declined 0.3% even though AIG advanced 4.4% after agreeing to divest two Japanese life assurance divisions to Prudential Financial for $4.8bn. Prudential fell 4.2%. Morgan Stanley gained 0.8% and Zions Bancorp added 1.4%.

In other company news, Caterpillar declined 1.6% with American Express Co. plunging 2.3% Apple shed 1.3%.

In current trading, Asian stocks were fluctuating on Friday as higher crude-oil prices bolstered Australian oil firms, while financials in Japan declined.

The MSCI Asia Pacific Index was little changed at 126 as of 9:35 a.m. in Tokyo. The index climbed 8.4% in September, marking the largest monthly advance since July 2009. Japan’s Nikkei 225 Stock Average was trading 0.7% higher, while the broader Topix index was little changed. Australia’s S&P/ASX 200 Index gained 0.5%. South Korea’s Kospi Index surged 0.5%. Markets are closed in Hong Kong and China for a public holiday.