Date: Friday 14 May 2010
Wall Street tumbled as concerns over European debt hit the US market with little sign of a rally. The Dow Jones closed down 162 points at 10,620. Nasdaq fell 47 at 2,346. The S&P 500 dropped 21 points at 1,135.
A slide in the euro sparked the selling as rumours flew about the health of economies in Europe with one story, later flatly denied, that France had threatened to pull out of the euro. Concern then spread to the impact if the eurozone slides back into recession on the back of the raft of austerity measures being imposed.
In the US, the Senate backed plans to limit credit card fees and this knocked shares in Visa, American Express and MasterCard. Banks were also hit with Bank of America, Wells Fargo and JPMorgan Chase all lower.
With company updates thin on the ground, investors focused on economic news. Industrial production rose by 0.8% last month, the most since January. Retail sales rose by 0.4%, ahead of expectations but down from 2.1% in March.
The University of Michigan's consumer sentiment rose to 73.3 in May from 72.2 in April.
Yahoo! was one of the few risers because George Soros has bought a stake in its associate Alibaba.com.
Graphics chips maker Nvidia warned that its sales would fall more than expected in the current quarter. Shares in its rivals Advanced Micro Devices and Intel also fell. Mainframe software supplier CA Inc also forecast disappointing sales this time for its full year.
S&P 500 - Risers
Yahoo! Inc. (YHOO) $16.43 +1.80%
Newmont Min Corp. (NEM) $57.68 +0.96%
Unitedhealth Group (UNH) $30.39 +0.70%
Celgene Corp. (CELG) $59.21 +0.33%
S&P 500 - Fallers
Nvidia Corp. (NVDA) $13.05 -10.92%
Visa Inc (V) $77.26 -9.88%
Mastercard Inc. (MA) $212.45 -8.55%
Host Hotels & Resorts Inc. (HST) $14.89 -7.40%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
American Express Inc. (AXP) $40.64 -5.07%
Alcoa Inc. (AA) $12.36 -3.44%
Bank Of America Corp. (BAC) $16.34 -3.14%
Caterpillar Inc. (CAT) $64.88 -3.03%
No comments:
Post a Comment