Stock Market Today: GDP Grows but Stocks Dip on Ukraine-Russia Tensions
NEW YORK (TheStreet) -- U.S. stocks remained negative early afternoon Thursday as geopolitical caution sparked by Ukraine President Petro Poroshenko's statement that Russia has invaded Ukraine helped trigger a flight-to-safety rally. Poroshenko called an emergency meeting of the nation's security council and canceled a foreign trip, declaring that "Russian forces have entered Ukraine."
Watch the video below for a closer look at how U.S. markets are doing in midday trading Thursday:
"The crisis in Ukraine returned to bite the markets again on Thursday," said Julian Jessop, chief global economist at Capital Economics.Read More: Aug. 28 Premarket Briefing: 10 Things You Should Know Markets were off session lows. The Dow Jones Industrial Average
Abercrombie & Fitch (ANF) lost 3.81% to $42.34 after reporting a 7% drop in total same-store sales and 6% decline in revenue to $891 million. Dollar General (DG) rose 1.6% to $64.72 after posting second-quarter earnings of 83 cents a share, which matched estimates. The company on Thursday reiterated its bid for rival Family Dollar (FDO) . Earlier this month, Dollar General bid about $8.95 billion for Family Dollar in an attempt to trump Dollar Tree (DLTR) , which agreed to acquire Family Dollar for $8.5 billion in July. The S&P 500 ended Wednesday almost where it was after Tuesday's closing -- just above 2,000, after flitting in and out of positive territory throughout the day in the absence of any new economic catalysts. Read More: Stock Market Today: S&P Closes Above 2,000 for Second Day --By Andrea Tse in New York Follow @AndreaTTse
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