| Instability in Europe Triggers Losses on Wall Street |
| May-08-2012 |
| Keywords: stocks, us, europe, fall, instability, |
Concerns over the political upheaval in Greece, and uncertainty that the debt-ridden nation will be able to meet conditions of its bailout are leading to steep losses on Wall Street. The three major US stock indexes down more than one percent in afternoon trading.
In Europe, stocks ending the session off about 2%. Stocks in Greece finished off more than 3.5%, closing at the lowest level in two-decades.
The Dow Jones Industrial Average is off more than 100-points, will losses spanning all sectors. The shares of Alcoa, Bank of America, Caterpillar, Hewlett-Packard and Intel, all off more than 2% in afternoon trading.
Energy and material stocks weighing on the broader stock market as investor safe haven buying pushes the dollar and US debt prices higher. The yield on the government's benchmark 10-year Treasury note falling to less than 1.85%.
Gold and crude oil prices also down sharply. Gold prices dropping more than 2%, nearing $1,600 an ounce. Crude oil prices are off about $1.50 - the June Crude Futures contract trading at a more than three-month low - hovering around $96 a barrel.
On the corporate front, McDonald's reporting a weaker than expected 3.3% growth in same-store sales during April. That news is pressuring the hamburger chain's stock price, down more 1%. |
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Posted by Lou Dobbs Staff at 4:00 PM Email to a friend |
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