Markets end the week with heavy losses $XAUUSD
- Published: 04 June 2012
- US stocks suffered their biggest fall since November erasing this years gains as a weaker than expected US Payrolls report added to the already fragile market sentiment. The Payrolls figure saw 69k jobs added which was far less than expected and saw the unemployment rate increase from 8.1% to 8.2%
- Markets are also concerned with the continued situation in Europe and slowing economic data that is coming out of China. Markets are now looking to further stimulus from governments to support staggering growth
- All 10 sectors on the S&P500 were weaker with the Index now falling 9.9% since the highs reached in April. The KBW Banking Index fell 4.9% and a S&P homebuilders index fell 7.8% as investors retreat from risky assets
- Facebook continues to slide since its IPO, falling another 6.4% to $27.72
- Leading the losses on the Dow was HPQ, BACV, AXP and JPM each falling 6.31%, 4.49%, 4.30% and 3.68% respectively
- DOW –2.22%, S&P500 –2.46%, NASDAQ –2.82%
- Markets retreated to safety with the USD Index making a 83.67 high
- Gold spiked on risk fears and Crude made a low of USD81.89 this morning
