Go Finance Reporting in NEW YORK - The stock market is the United States (U.S.) tumbled following a warming condition of Libya and the trigger price of gold soared through the level of USD100 per barrel. In addition, the technology sector also weakened further aggravated the state of the market.
Oil prices jumped to their highest since October 2008 amid concerns about supply disruptions in Libya, which is an oil producer. Brent oil prices also had penetrated the level of USD107 per barrel.
"We have solid strength for long periods of time, completely without correction. So this is a long-term correction would be a good thing for the market," said chief investment officer of Investment Gradient Wayne Schmidt was quoted as saying by Reuters.
Nasdaq looks to lead the weakening that occurred in the stock market. This index plummeted because Netflix stock down 4.7 percent at USD211, 20, and Salesforce.com fell 2.5 percent to USD133, 37.
Hewlett-Packard projected that its earnings will weaken due to slowing demand for personal computers, and at least six brokers lowered their price target. Its stock price slumped 9.6 percent to USD43, 59.
At the close of trading on Wednesday (02/23/2011), the Dow Jones Industrial fell 107.01 points, or 0.88 percent, to 12105.78. The broader Standard & Poor's 500 fell 8.04 points, or 0.61 percent, to 1307.40. And the Nasdaq Composite Index fell 33.43 points, or 1.21 percent to 2722.99. (GoFinance)
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