| Euro-zone Debt Issues and Waning Consumer Confidence Bruise Stock Prices |
| Apr-13-2012 |
| Keywords: stock, weekly loss, dow, commodity prices fall, china gdp, consumer confidence, european debt |
Weekly gains in the 2nd quarter of the year proving elusive on Wall Street. Stock prices today retreating more than 1% on thin trading. The three major U.S. stock indexes logging the worst weekly performance in 2012 as investors express concerns over European debt issues and waning confidence among U.S. consumers. Slower than expected economic growth in China is also rekindled global growth concerns.
Bank of America leading decliners on the Dow Jone Industrial Average today, down more than 5%. Alcoa, Hewlett Packard and JP Morgan Chase also weighing on the blue chip index with more than 2% losses.
Global growth concerns related to China's slowing economic growth and concern over debt contagion in Europe is forcing investors into the relative safety of the dollar and U.S. debt. Higher demand for the government's 10-year treasury note helping to drive the yield back below 2%.
A stronger dollar and demand concerns pressured commodity prices. Precious metals suffering the largest percentage declines. Silver prices plunge 3.5%. Gold today finishes off 1.2% - closing at $1,660.20 an ounce. And crude oil prices slipped ¢81, settling back below $103 a barrel. |
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Posted by Lou Dobbs Staff at 12:08 PM Email to a friend |
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