Markets suffer worst sell off for the year $SP500.I
- Published: 07 March 2012
- The Dow suffered its first 100 point sell off in 45 days after nervousness around the pending Greek Swap Deal and weak economic data in Europe saw investors retreat out of stocks. Despite the sell off the S&P500 has thus far posted its best start to the year since 1991
- The Greek Swap deal came into focus as investors fear that major bond holders will refuse to accept the write down offer on their debt holdings. If Greece fails to gather a 75% agreement on its offer it may not be able to make its March 20 bond payment and therefore default on its obligations
- All S&P sectors finished the session lower led by materials and financials
- Leading the losses on the Dow was AA, CATT, HPQ and BAC falling 4.05%, 3.78%, 3.36% and 3.26% respectively
- DOW –1.57%, S&P500 –1.54% and NASDAQ –1.36%
- USD was stronger overnight as the EUR retreated on Greek fears. Commodity driven currencies like AUD were weaker as risk aversion increased. The AUD fell to a low of 1.0524 this morning before bouncing
- Gold futures fell to five week lows due to USD demand, Oil fell 1.9%
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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