European concerns continue to hinder US recovery $DXc1
- Published: 25 July 2012
- US stocks were weaker overnight as investors continues to worry about the state of the EU. The S&P500 fell for the third straight day and is now testing its 50 Day Moving Average which if broken could trigger further losses
- Markets did rally late in the session on news reports that the Fed is moving to implement new strategies to help stimulate growth and employment
- Apple disappointed the market after the close when its earnings fell short of expectations. Apple fell 4.8% in extended after hours trading, sales of the iPhone which is the companies biggest earner were weaker than expected as consumers delay purchasing until the iPhone 5 is released later this year
- Economic bellwether UPS fell 4.6% after earnings fell short of expectations
- Whirlpool Corp the worlds largest maker of appliances fell 7.5% after the company missed earnings and sales expectations due to weaker Euro sales
- DOW –0.82%, S&P500 –0.90% and NASDAQ –0.94%
- US Dollar Index made an USD84.25 as market risk appetite falls away
- Gold was steady as the USD strengthened, while Crude was choppy as weaker euro data was offset by an improving Chinese manufacturing sector
