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Wall Street sells off late, succumbs to Europe fears

August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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Author Topic: Wall Street sells off late, succumbs to Europe fears  (Read 82 times)
Psalm 51:17
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« on: June 13, 2012, 05:24:01 pm »


By Edward Krudy

NEW YORK (Reuters) - Wall Street ended lower on Wednesday as fears ahead of the weekend elections in Greece finally drove down a market that had been treading water through most of the day.

Up to 800 million euros ($1 billion) have been pulled out of Greek banks daily ahead of the cliffhanger election on Sunday, which many fear will result in Greece leaving the euro zone. If that happens, investors fear other peripheral nations may also have to exit.

The euro zone's cloudy future has made investors inclined to quickly reverse positions. On Wednesday, they pounded shares in financial, energy and materials sectors into the close.

Volume surged after three weak sessions. About 7.1 billion share trade on the NYSE, Amex and Nasdaq, slightly above the 20-day moving average.

There's a "lack of details or specifics coming out of Europe, and that creates more of a vicious cycle," said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston. "The euro has been a concern every single day."

Also weighing on sentiment, the government reported U.S. retail sales fell in May to their worst level in two years, the latest data to point to sluggish U.S. growth after a weaker-than-expected U.S. jobs report in May sparked widespread fears of a slowdown. The S&P Retail Index (.RLX) lost 1.5 percent.

There was a defensive tilt to trading for much of the day as gains in sectors such as healthcare and telecoms managed for a time to offset declines in cyclical areas. Shares in telecom provider AT&T (T.N) hit a 52-week high at $35.06, before closing unchanged at $34.98. The telecom sector (.GSPL) ticked up 0.1 percent.

Shares of JPMorgan Chase & Co (JPM) were a standout, rising 1.6 percent as the bank's chief executive, Jamie Dimon, defended the portfolio behind JPMorgan's recent multibillion-dollar trading loss, telling lawmakers it was a genuine hedge that would make the firm a lot of money if a credit crisis hit.

In the overall market, the Dow Jones industrial average (^DJI) fell 77.42 points, or 0.62 percent, at 12,496.38. The Standard & Poor's 500 Index (^GSPC) lost 9.30 points, or 0.70 percent, at 1,314.88. The Nasdaq Composite Index (^IXIC) dropped 24.46 points, or 0.86 percent, at 2,818.61.

The S&P 500 had moved more than 1 percent in opposite directions on the previous two trading days, which were largely dictated by the events in the euro zone.

On Tuesday the index bounced after falling toward the 1,300 level, a psychological milestone that some traders are using to trade against as index levels assume more importance given the lack of a clear outlook.

Investors have pushed Spain's 10-year borrowing costs to their highest level since the launch of the euro in 1999, adding to uncertainty over the plan to bail out the country's struggling banks.

In company news, Dell Inc (DELL), the No. 2 U.S. PC maker, said it aims to raise its target on dividends and share buybacks to 20 to 35 percent of free cash flow, saying its corporate software and services business is on track to grow by an average of 10 percent annually until 2016. Its shares advanced 2.5 percent to $12.27.

An influential government adviser in China was quoted as saying the country's economic growth could fall below 7 percent in the second quarter if weak activity persists in June.

Investors have been looking to China's relatively robust expansion to pick up the slack from Europe, especially demand for commodities.

Also on Wednesday, shares of Celgene Corp (CELG) rose 0.8 percent to $63.59 after the biotechnology company authorized a stock buyback program of $2.5 billion.

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