S&P500 slides below 1400 mark overnight $SP500.I
- Published: 31 August 2012
- Markets were weaker overnight with losses accelerating into the close as investors fretted about the pending Jackson Hole symposium and market speculation that Spain will delay its decision on whether it will seek a bailout
- Major indexes crossed below psychologically important levels overnight with the S&P500 closing below 1400 and the Dow falling below 13000 before rallying to close just above the mark. All the sectors on the S&P500 finished lower with the industrial and technology stocks leading the losses
- The CBOE Volatility Index rose to close near 18.00 as investor caution rises
- Internet radio company Pandora surged 14.29% after the company beat earnings expectations and raised their current quarter revenue outlook
- Sears Holdings fell 7.92% as the company will lose their place in the S&P500 Index due to their public float been below the 50% threshold for some time
- Leading the moves on the Dow was CAT and INTC down 1.88% and 1.61%
- DOW –0.81%, S&P500 –0.78% and NASDAQ –1.05%
- USD rallied on nervousness surrounding further European debt issues
- Gold is slightly lower along with Oil as investors look to the Fed's symposium
