Markets close lower for the fourth day in succession $GPS:xnys
- Published: 03 August 2012
- Markets closed down for the fourth session in a row after a disappointing reception to comments from ECB Chairman Mario Dragi. Although Dragi alluded to doing more to help stimulate the economy if so required, he stopped short of announcing any new policy leaving the market unimpressed
- The BoE left its monetary policy unchanged at 0.50% overnight
- All three major indexes were lower however markets managed to rally late in the session to close well above their lows. Energy and material sectors led the losses on the S&P500 while the consumer discretionary sector gained
- Market maker Knight Capital fell 62.82% after its recent trading glitch
- Retailers reported strong same store sales driven by warm weather and discounts with GAP, Target and Macy's posting better then expected sales
- Leading the gains in the Dow overnight was AA, JPM, DD, KO and CSCO each falling 2.97%, 2.31%, 1.84%, 1.56% and 1.50% respectively
- DOW –0.71%, S&P500 –0.74% and NASDAQ –0.36%
- The USD was stronger overnight due to the ECB announcement, Gold weakened and Crude managed to rally after a North Sea output cut
