Stocks fell on Wall Street despite turning in their best weekly performance of the year last week. Bobbi Rebell reports.
Traders came back after the Independence Day holiday weekend to a losing session. Oil prices fell, and lackluster data added to global economic growth worries, putting pressure on U.S. equities. The U.S. financial sector, which is heavily exposed to the UK markets, lost ground, while utilities, seen as a safe-haven, moved higher. Margie Patel of Wells Fargo Asset Management: (SOUNDBITE) MARGIE PATEL, SENIOR PORTFOLIO MANAGER, WELLS FARGO ASSET MANAGEMENT (ENGLISH) SAYING: "The market is very susceptable to macro news, because right now, between earnings, we are not getting fundamental company news, and, also, I think, the backdrop of very low interest rates globally really has more speculators on the edge, levered players who are very sensitive to short term moves, especially on the macro side. " New orders for U.S. factory goods fell in May on weak demand for transportation and defense capital goods. Hostess Brands, the maker of Twinkies and Ding Dongs, is being bought by Gores Group, a private equity firm that plans to take it public. Reuters has learned that the parent company of infidelity dating website Ashley Madison, Avid Life Media, is the target of a U.S. Federal Trade Commission investigation. The company says it does not know the focus of the probe. Ashley Madison was hit by a devastating hack last year, which exposed the personal details of millions who had signed up for the site. In Europe, markets were mostly lower weighed down by losses in mining and financial stocks.