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United States News Title: Stocks turn lower Stocks turn lower By Alexandra Twin, senior writerJune 1, 2010: 3:56 PM ET NEW YORK (CNNMoney.com) -- Stocks gave up gains and turned lower Tuesday, with tech, energy and financial shares leading the retreat as worries about the global economic outlook overshadowed better-than-expected readings on the U.S. economy. The Dow Jones industrial average (INDU) fell 23 points, or 0.2%. The S&P 500 index (SPX) lost 9 points or 0.9% and the Nasdaq composite (COMP) lost 13 points or 0.6%. Stocks fell in the morning after a report showed slower manufacturing growth in China and the euro briefly fell to a fresh four-year low. Better-than-expected readings on U.S. construction and manufacturing helped turn the tide in the morning. But the market turned lower again heading into the close. Stocks tumbled last month, with the Dow's decline of 7.9% its worst May performance since 1940. All financial markets were closed Monday for Memorial Day. Stocks slumped as the euro plunged and the European debt crisis threatened to slow global growth. Worries about China's slowdown were also a factor. These issues are likely to continue pressuring stocks, said Stephen Carl, head equity trader at Williams Capital Group. "I don't think the selling is over by any means," he said. "It looks like we're hovering in a range around 10,000 (on the Dow), but there could still be more selling to come." Stocks: New month, same malaise Economy: The Institute for Supply Management's May manufacturing index fell to 59.7 from 60.4. However, the index was expected to fall more, to 58.9, according to a consensus of economists surveyed by Briefing.com. Any reading above 50 indicates expansion in the sector. Construction spending rose 2.7% in April, trouncing expectations for a rise of 0.1%. The government reported construction spending rose 0.4% in March. Companies: BP (BP) shares plunged 15% as the company's latest attempt at stopping the oil spill - now in its seventh week - failed. The company had tried to stop the spill - the worst in U.S. history - by forcing mud into the leaking well 0:00 /3:00A "half-speed" economic recovery Since the Deepwater Horizon exploded on April 20, the stock has lost over one-third of its value. AIG (AIG, Fortune 500) shares fell after the company rejected Prudential PLC's request to lower the price of its deal to buy AIG's Asian affiliate, raising the chances of the deal falling apart. On the upside, Apple (AAPL, Fortune 500) shares gained after the company said Monday that it has sold its 2 millionth iPad. Following the news, a number of analysts raised their estimates on iPad sales and Apple's quarterly and fiscal-year figures. Hewlett-Packard (HPQ, Fortune 500) announced it is cutting its total workforce by 3,000 over the next few years as it accelerates its use of automatic data centers for business customers. Shares of the Dow component gained 0.5%. A variety of financial shares fell, lowering the KBW Bank (BKX) sector index by 1.9%. Euro: The European currency seesawed, losing 0.5% to $1.2242 after touching a four-year low of $1.2111 in the morning. The dollar fell 0.3% against the yen. World markets: Markets in Europe were mixed. Britain's FTSE 100 lost 0.5%, Germany's DAX gained 0.3% and France's CAC 40 lost 0.1%. Asian markets ended lower. Japan's Nikkei lost 0.6% and Hong Kong's Hang Seng fell 1.4%. China's Shanghai Composite lost 0.9%. Commodities: U.S. light crude oil for July delivery fell 49 cents to $73.48 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery rose $12.20 to $1,225.90 an ounce. Bonds: Treasury prices were little changed, with the yield on the 10-year note slipping to 3.29% from 3.30% late Friday. Treasury prices and yields move in opposite directions. Trading volume: Market breadth was negative. On the New York Stock Exchange, losers beat winners three to one on volume of 1.11 billion shares. On the Nasdaq, decliners topped advancers by over three to one on volume of 1.85 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: All (#0)
Heard somebody say this morning May was the worst month for stocks in four decades (?).
OMG!! Wow!! Let us know if you hear anything else!!
#3. To: Abu el Banat (#2)
Ah, the site puppy yaps...
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