Stocks continue lower on European debt concerns $EURJPY
- Published: 30 April 2012
- Stocks continued to slide yesterday, extending the longest decline for the S&P 500 Index since November after posting five consecutive negative days
- Consumer discretionary, financial and industrial companies tumbled more than 2% to lead losses across all 10 of the main industry groups
- Walt Disney, Bank of America and General electric all slid at least 2.4% whilst Best Buy slid 5.9% with the resignation of their CEO, whilst Alcoa posted stronger than expected earnings after the close and is higher by 5.1%
- DOW -213.6 pts or –1.65%, S&P500 –23.61 pts or 1.71% and NASDAQ -55.56 pts or 1.83%
- European markets lead the declines with the main Index in Spain declining 2.96% whilst in Italy the market fell by 4.98%
- With the weaker equity markets 10 Year Treasury yields continued to fall closing below 2%. Spanish bond yields approached 6% while Italian bond yields increased by 23 basis points
- The US dollar strengthened against the Euro with a low towards 1.3055 being made in the New York session and is currently trading at 1.3075
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