Markets sell off on European Debt concerns $DJI.I

  • US markets sold off overnight erasing Friday nights gains after concerns about the progress of European Debt negotiations eroded market confidence. All the major indexes were off and with the financial and industrial stocks leading the losses overnight
  • Market sentiment was negative before the open after a poor lead in from Europe. Markets were initially positive in Europe after early positive comments from European officials that progress had been made. However this was negated by Chancellor Merkel who stated it was impossible to solve every sovereign debt problem and one euro summit
  • Both Citi and Wells Fargo reported overnight with Citi’s Q3 earnings coming in slightly ahead of expectations. The stock however fell 1.65%. Wells Fargo had a disappointing Q3 with margins and revenue both coming in short. The stock was sold off heavily and closed down 8.44%
  • Alcoa, Hewlett Packard and 3M were all down 6.63%, 4.79% and 3.82%
  • Dow Jones –2.13% S&P500 –1.94% NASDAQ –1.98%
  • Initial strength in ‘risk on’ currencies was crushed and the USD rallied
  • Gold failed to rally as the USD strengthened and Crude came off 0.4%
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