| Europe's Woes Weigh On Wall Street |
| Jun-25-2012 |
| Keywords: stocks, lower, lows, euro debt, yield, treasuries, gold |
The week on Wall Street kicking off with a dark cloud of pessimism regarding the European debt crisis.
Investor angst over the region's debt crisis, now in its third year, growing even before leaders meet in Brussels later this week. Many insiders doubting the two-day EU Summit will result in anything substantial to address the Euro-zone's financial issues.
Anxiety over Europe's issues causing investors to all but ignore great news on the housing market. New home sales in May jumped a steeper than expected 7.6 percent - reaching the highest level in more than two years. That as buyers took advantage of declining home prices and lower mortgage interest rates.
All three major stock indexes losing more than 1% on the day. The Dow Jones Industrial Average fell 138 points. The Nasdaq Composite dropped 56 points. The S&P 500 finished off 21 points.
The Dow's triple digit drop coming as a result of heavy selling across all sectors. Bank of America and Hewlett-Packard each down more than 4% on the day. Alcoa, Caterpillar, Intel, and Microsoft all finished off more than 2%.
The dollar, gold and debt prices proving to be the big beneficiaries of investor's looking for shelter from the carnage in the equities market. The yield on the government's benchmark 10-year Treasury note slipping to 1.6%.
Crude oil prices under significant pressure today. The August futures contract fell $1.76, or 1.2%, to settle at $78.36 a barrel |
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Posted by Lou Dobbs Staff at 5:00 AM Email to a friend |
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