| Stocks Selloff On Renewed Concerns Over Europe's Debt Crisis |
| Jul-23-2012 |
| Keywords: wall street, selloff, 1%, europe, debt |
Renewed concerns about the severity of Europe's debt crisis lead to a selloff on Wall Street.
The Dow Jones Industrial Average finished down 101 points, halving losses from earlier in the trading session. The Nasdaq Composite fell 35 points, the S&P 500 finished with a 12 point loss on the day.
The blue chip index opened the week with a triple digit loss as shares of Kraft, McDonald's and Microsoft each fell more than 2% on the day. Kraft disappointed investors with weaker than expected profits. The hamburger chain blamed its weak earnings and revenue on a strong dollar and a slowing global economy.
Investors today seeking shelter from speculation that Spain may need a full-scale bailout. That after a report claimed a number of regional governments may look to the central government for aid. That revelation sent the yield on Spain's 10-year note to a euro-era high above 7.4%.
Also factoring into today's market selloff, reports that the International Monetary Fund may cut off aid to Greece, which appears unlikely to meet the terms of its bailout.
Those issues are causing investors to seek the relative safety of U.S. debt. The yield on the Treasury's 10-year note briefly sank to a record low of less than 1.4%, but ended the day back above 1.43%
Dollar strength combined with global demand concerns resulted in steep losses in the crude oil market. The September futures contract tumbled 4% or $3.69, settling the session at $88.14 a barrel. |
|
|
Posted by Lou Dobbs Staff at 10:00 AM Email to a friend |
| < Back to Today's Issues |
|
 |
|
|
|
