Once again, Europe Trashes the Market
Posted October 17th, 2011 by theStockMasters...
Eurotrash killed stocks again today, its becoming more predicatable than ever. We can't go more than a week without some bad news out of the Euro-zone about default this and sovereign-debt that.
In the usual fashion the market tanks.
Case of the Monday's.
The 411 of today's decline -- (http://www.allheadlinenews.com) The Dow Jones Industrial Average was off more than 130 points in morning trading on Monday after comments out of Germany clouded the prospects of a quick resolution in the mounting eurozone sovereign debt crisis.
The S&P 500 Index was off 13 points and the NASDAQ was down more than 27. Also dragging U.S. stocks lower was a report showing New York-area manufacturing waned more than forecast.
The MSCI All Country Index was off 0.7 percent following last week's stellar 5.4 percent rally. Oil gave back 0.7 percent as the slowing economy once again began a concern for future oil demand.
The drop in stocks worldwide followed comments from German Chancellor Angela Merkel's chief spokesperson that European Union leaders would not provide a quick ending for the ballooning debt crisis in the eurozone that global policy makers have been hoping for when parties meet at a summit on Oct, 23.
Wells Fargo was down 5.6 percent after the United States' largest home lender reported a drop in third quarter earnings and narrower margins. Citigroup climbed 2.6 percent after reporting profits rose 74 percent at the bank, surprising and beating analysts' estimates.
Gold, considered a safe haven in times of uncertainty and global discontent, was brighter by $3 an ounce, trading at $1,686.
In the usual fashion the market tanks.
Case of the Monday's.
The 411 of today's decline -- (http://www.allheadlinenews.com) The Dow Jones Industrial Average was off more than 130 points in morning trading on Monday after comments out of Germany clouded the prospects of a quick resolution in the mounting eurozone sovereign debt crisis.
The S&P 500 Index was off 13 points and the NASDAQ was down more than 27. Also dragging U.S. stocks lower was a report showing New York-area manufacturing waned more than forecast.
The MSCI All Country Index was off 0.7 percent following last week's stellar 5.4 percent rally. Oil gave back 0.7 percent as the slowing economy once again began a concern for future oil demand.
The drop in stocks worldwide followed comments from German Chancellor Angela Merkel's chief spokesperson that European Union leaders would not provide a quick ending for the ballooning debt crisis in the eurozone that global policy makers have been hoping for when parties meet at a summit on Oct, 23.
Wells Fargo was down 5.6 percent after the United States' largest home lender reported a drop in third quarter earnings and narrower margins. Citigroup climbed 2.6 percent after reporting profits rose 74 percent at the bank, surprising and beating analysts' estimates.
Gold, considered a safe haven in times of uncertainty and global discontent, was brighter by $3 an ounce, trading at $1,686.
