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U.S. stocks fall as Europe crumbles
Malaysia Sun
Wednesday 5th May, 2010
Global markets reacted badly Wednesday to the growing debt crisis confronting Europe.
Markets around the world tumbled Wednesday as the European debt crisis continued to worsen.
The euro fell to 1.2800 to the dollar, a fourteen month low, while commodity prices dived. The price of U.S. treasuries rose as yields continued their recent downward journey.
Oil prices fell below $80 a barrel.
At the close of trading Wednesday the Dow Jones Industrials from more serious losses earlier to be down 59.94 points or 0.55% at 10,886.83.
The Nasdaq Composite was off 21.96 points or 0.91% at 2,402.29.
The Standard and Poor's 500 was down 7.73 points or 0.66% at 1,165.87.
Rating agency Moody's warned of a debt downgrade for Portugal, while European Central Bank council member Axel Weber spoke of a threat of “grave contagion effects.”
“The reason we have to worry is, let’s face it, this is a global environment,” Jason Pride, director of investment strategy at Glenmede in Philadelphia, which manages $18 billion, told Bloomberg.
“The primary concern is the contagion risk associated with Greece and some of the other problematic nations in Europe and the follow-on effects on long-term economic growth. We may be in for more of a rough and volatile period.”
On currency markets, around the New York close Wednesday the euro was last quoted at 1.2818. Sterling fell to 1.5104 while the Swiss franc crumbled to 1.1173. The Australian dollar gave up a cent to trade at .9052, while the Canadian dollar weakened sharply to 1.0300.
Earlier in London the FTSE 100 fell 1.28%. The Paris-based CAC 40 was off 1.44%. The German Dax dived 0.81%. In Vienna the ATX was down 3.16%. The Stockholm General was down 2.82%.
The Japanese yen, going against the trend, increased marginally to 93.74.
Asian markets were also sharply weaker Wednesday. The Hong Kong Hang Seng lost 2.10%, and the Taiwan Weighted 2.85%. The Singapore Strait Times was off 1.41%.
Malaysia Sun
Wednesday 5th May, 2010
Global markets reacted badly Wednesday to the growing debt crisis confronting Europe.
Markets around the world tumbled Wednesday as the European debt crisis continued to worsen.
The euro fell to 1.2800 to the dollar, a fourteen month low, while commodity prices dived. The price of U.S. treasuries rose as yields continued their recent downward journey.
Oil prices fell below $80 a barrel.
At the close of trading Wednesday the Dow Jones Industrials from more serious losses earlier to be down 59.94 points or 0.55% at 10,886.83.
The Nasdaq Composite was off 21.96 points or 0.91% at 2,402.29.
The Standard and Poor's 500 was down 7.73 points or 0.66% at 1,165.87.
Rating agency Moody's warned of a debt downgrade for Portugal, while European Central Bank council member Axel Weber spoke of a threat of “grave contagion effects.”
“The reason we have to worry is, let’s face it, this is a global environment,” Jason Pride, director of investment strategy at Glenmede in Philadelphia, which manages $18 billion, told Bloomberg.
“The primary concern is the contagion risk associated with Greece and some of the other problematic nations in Europe and the follow-on effects on long-term economic growth. We may be in for more of a rough and volatile period.”
On currency markets, around the New York close Wednesday the euro was last quoted at 1.2818. Sterling fell to 1.5104 while the Swiss franc crumbled to 1.1173. The Australian dollar gave up a cent to trade at .9052, while the Canadian dollar weakened sharply to 1.0300.
Earlier in London the FTSE 100 fell 1.28%. The Paris-based CAC 40 was off 1.44%. The German Dax dived 0.81%. In Vienna the ATX was down 3.16%. The Stockholm General was down 2.82%.
The Japanese yen, going against the trend, increased marginally to 93.74.
Asian markets were also sharply weaker Wednesday. The Hong Kong Hang Seng lost 2.10%, and the Taiwan Weighted 2.85%. The Singapore Strait Times was off 1.41%.
