[Bible Prophecy News] US stocks tumbled today in choppy trade as the European debt crisis continued to cast a pall over the market
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Pastor Dale Morgan
May 18, 2010, 5:38:50 PM5/18/10
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Perilous Times
US stocks tumbled today in choppy trade as the European debt crisis continued to cast a pall over the market
* From correspondents in New York
* From: AFP
* May 19, 2010 7:14AM
US stocks tumbled today in choppy trade as the European debt crisis continued to cast a pall over the market, with Germany announcing plans to restrict bearish bets on stocks and bonds.
The Dow Jones Industrial Average slumped 114.88 points (1.08 per cent) to 10,510.95 as the blue-chip index lost early gains on fears the debt crisis would worsen.
The tech-rich Nasdaq composite fell 36.97 points (1.57 per cent) to 2317.26 while the broad-market Standard & Poor's 500 index slipped 16.14 points (1.42 per cent) to 1120.80.
US shares shot up in early trading but the early enthusiasm waned as the beleaguered euro plunged to a new four-year low and Germany's financial-markets regulator said it was banning so called "naked" short-selling of certain euro-zone debt and credit default swaps as well as some financial stocks.
Such market practices were criticised when Greece struggled to refinance its debt, with many eurozone governments saying such transactions fuelled the budget crisis.
"The optimistic atmosphere deflated by midday, as persistent fears about European debt pushed the euro to a fresh four-year nadir... ," said Andrea Kramer, analyst with Schaeffer's Investment Research.
"In addition, some analysts opined that Germany's plan to ban 'naked' short selling, as well as reemerging fears of a rate-hike on the horizon, contributed to the bearish backlash," she said.
US stocks tumbled today in choppy trade as the European debt crisis continued to cast a pall over the market
* From correspondents in New York
* From: AFP
* May 19, 2010 7:14AM
US stocks tumbled today in choppy trade as the European debt crisis continued to cast a pall over the market, with Germany announcing plans to restrict bearish bets on stocks and bonds.
The Dow Jones Industrial Average slumped 114.88 points (1.08 per cent) to 10,510.95 as the blue-chip index lost early gains on fears the debt crisis would worsen.
The tech-rich Nasdaq composite fell 36.97 points (1.57 per cent) to 2317.26 while the broad-market Standard & Poor's 500 index slipped 16.14 points (1.42 per cent) to 1120.80.
US shares shot up in early trading but the early enthusiasm waned as the beleaguered euro plunged to a new four-year low and Germany's financial-markets regulator said it was banning so called "naked" short-selling of certain euro-zone debt and credit default swaps as well as some financial stocks.
Such market practices were criticised when Greece struggled to refinance its debt, with many eurozone governments saying such transactions fuelled the budget crisis.
"The optimistic atmosphere deflated by midday, as persistent fears about European debt pushed the euro to a fresh four-year nadir... ," said Andrea Kramer, analyst with Schaeffer's Investment Research.
"In addition, some analysts opined that Germany's plan to ban 'naked' short selling, as well as reemerging fears of a rate-hike on the horizon, contributed to the bearish backlash," she said.
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