>York – The weakness on Wall Street enters its fifth day, with a total decline of more than 5% over the period. Stock index returned a negative response to rising levels lower yields on Spain’s return penetrate a new record.The market is still focused on the debt crisis in Europe, and yesterday the negative sentiment coming from Spain which yields jumped sharply. Continually rising debt yields could cause European countries are very large are becoming increasingly expensive.
The returns on Spain soared through the highest point in 14 years triggered political uncertainty about the European settlement of the debt crisis.News from the IMF that would make short-term credit for the European countries could provide positive sentiment, but then evaporated and the shares back down.The S & P is now close to 1187 levels, which is the next level of technical suport, which represents 61.8% difference from the highest point and lowest point during 2011.
In trading Tuesday (22.11.2011), the Dow Jones industrial average closed down 53.59 points (0.46%) to as low as 11493.72. The broader Standard & Poor’s 500 index also fell 4.94 points (0.41%) to a level of 1188.04 and the Nasdaq fell 1.86 poiun (0.07%) k 2521.28 level.Joseph Cusick, an analyst with OptionXpress Holdings Inc. said, the stock market has now reached oversold levels.
“I’ll see the level of 1,200. If achieved, it will claim back around 50% pullback for 2 days, which could potentially act as a starting point to strengthen,” he said as quoted by Reuters on Wednesday (23/11/2011).Prior to market opening, the data showed the U.S. economy grew 2% in the third quarter. That figure is lower than the government projection of 2.5% in the last month.
Shares of Hewlett-Packard Co. fell 0.8% to as low as U.S. $ 26.65 after the manufacturer of computer and projection priter was issued in 2012 is below the consensus.On Nasdaq, shares of Groupon Inc. slumped by 14% as fears of increased competition. Groupn shares slumped to U.S. $ 20.07, or nearly approaching the IPO share price at the level of U.S. $ 20.
Trade runs quiet, with transactions on the New York Stock Exchange only amounted to 6.99 billion shares, below the daily average of 8 billion shares.
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