Dow falls for the fourth day in succession $XAUUSD
- Published: 24 August 2012
- Markets were weaker overnight as investors expectations of further quantitative stimulus was dampened by comments from a Fed official. The market was also concerned about the continuing debt situation in Europe which is heading towards its second recession in three years and a slowing China, with Factory Orders falling to a nine month low
- Jobless Claims moved to their highest level in five weeks while New Home Sales gained 3.6% in July. However this was tempered by lower prices
- All 10 S&P500 sectors were down overnight with energy and utilities leading the losses. Big Lots led the losses on the index falling 20.8% after the retailer posted lower than expected earnings and cut its full year profit forecast
- HP fell 8.15% overnight following on from its earnings announcement. The company missed estimates and also cut its full year out look. Also hurting the stock was at least seven brokerages cut their targets on the company
- Leading the losses on the Dow was HPQ, BA, AA, INTC and KO each falling 8.15%, 3.35%, 2.71%, 2.68% and 1.70% respectively
- DOW –0.88%, S&P500 –0.81% and NASDAQ –0.66%
- Gold rallies as uncertainty about stimulus rises. Crude falls below USD96.00
