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United States News Title: Stocks slammed by global slowdown fears Stocks slammed by global slowdown fears By Alexandra Twin, senior writerJune 29, 2010: 4:26 PM ET NEW YORK (CNNMoney.com) -- Stocks tumbled Tuesday, with the Dow falling as much as 326 points and the S&P hitting an 8-month low after a big drop in consumer confidence and signs of a bigger slowdown in the global economy. Investors plowed into the safety of government debt, sending the 10-year note yield below 3% for the first time in 14 months. Dow Jones industrial average (INDU) dropped 268 points, or 2.7%, after having earlier lost as much as 326 points. The Nasdaq (COMP) composite fell 85 points, or 3.9%. The S&P 500 (SPX) slid 33 points, or 3.1%, falling to a fresh 2010 low of 1037.51 and its lowest point since November. The 1040.78 level is a key technical indicator market that pros have been watching. Closing below that level could set off a bigger wave of selling over the next few days. Stocks slipped at the open on global concerns but the selling picked up steam after the release of the Consumer Confidence index for June. Confidence slumped to 52.9 from 62.7 in May, the Conference Board reported, with the decline reflecting worries about the labor market and economic outlook. Confidence was expected to fall to 62, according to economists surveyed by Briefing.com. Concerns about the job market and economy have dragged on stocks on and off for the last two months, with the major gauges falling into a correction after hitting rally highs in late April. A correction is a plunge of at least 10% off the highs. As of Tuesday morning, the S&P is off nearly 14% from the highs of late April. Tuesday's woes were sparked by a weak reading on Japanese export demand and household spending, and a fresh round of protests by Greek citizens opposed to government austerity measures. The euro, something of a proxy for European debt worries, plunged. "Between euro worries, some notes of a slowdown out of Asia and a bad consumer sentiment number, there are very few reasons for stocks to rise, and plenty for them to fall or flatten out," said Karl Mills, president and chief investment officer at Jurika Mills & Keifer. "The largest concern on a broad level remains the issue of debt, both in Europe and the U.S.," he said. Stocks ended a choppy session lower Monday after leaders of the G-20 nations agreed to both continue to promote economic recovery and to cut deficits in half by 2013. The group of 19 countries and the European Union met at a summit last weekend in Toronto. It's a BBQ recovery: Low and slow - The Buzz On the move: Declines were broad based, with all 30 Dow issues falling, led by Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), IBM (IBM, Fortune 500) and United Technologies (UTX, Fortune 500). A variety of financial stocks slumped, with the KBW Bank (BKX) sector index off by 3.5%. Components JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500) all lost 4%, while Citigroup (C, Fortune 500) fell 6%. World markets: European markets stumbled across the board, with Britain's FTSE 100 losing 3.1%, Germany's DAX giving back 3.3% and France's CAC 40 falling 4%. Asian markets slumped. Japan's Nikkei fell 1.3%, Hong Kong's Hang Seng slid 2.3% and China's Shanghai Composite slumped 4.3%. 0:00 /5:26Whitney: Beware of housing market Housing market: Home prices rose 3.8% in April versus a year ago, according to the S&P/Case-Shiller Home Price Index of 20 major housing markets. That was a bigger jump than expected, with economists looking for a climb of 3.4% after a boost of 2.3% in March. Home prices also rose 0.8% in April from March levels. However, prices remain off over 30% from the peak. Companies: Electric car maker Tesla Motors debuted on the Nasdaq under the ticker TSLA, rising 12% from its IPO price late Monday. Tesla priced its shares at $17 each, above the $14 to $16 target range, allowing it to raise over $226 million in the IPO. Currency: The euro slumped 0.7% versus the dollar but remained above the four-year low of $1.188 hit earlier in the month. The dollar was down 1.1% versus the yen. Commodities: U.S. light crude oil for August delivery fell $2.70 to $75.56 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery gained $4.40 to $1,243 an ounce. Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 2.96% from 3.03% late Monday. Treasury prices and yields move in opposite directions. Market breadth: Market breadth was negative and volume was moderate. On the New York Stock Exchange, losers beat winners 11 to one on volume of 800 million shares. On the Nasdaq, decliners topped advancers nine to one on volume of 1.62 billion shares
Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 2.
#1. To: Badeye (#0)
I thought the economy was supposed to be fixed by now w/ those trillions of "stimulus" dollars. Isn't this what Barry & Biden are using spin words to call "The Summer of Recovery"?
No you didn't.
#3. To: war (#2)
Yes I did, I knew your boy Barry was feeding us all a line of shit when he told everyone that pays taxes those additional trillions he was seizing to piss down the rat hole would fix the economy. But I'm sure you peeps of the welfare class don't mind, the more he takes from us the more you parasites get.
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