Go Finance Reporting in NEW YORK - The stock market is the United States (U.S.) tumbled following a weak crude oil prices. The fall in the price of black gold makes the energy sector stocks on Wall Street free fall.
In addition, concern increased raw material costs as a result of the Japanese earthquake could affect the performance of issuers in the second quarter, and will make the market participants increase their attention for the company's performance.
"These companies will try to lower the target in the second quarter," said chief investment strategist at Subodh Kumar & Associates Subodh Kumar, as quoted by Reuters, in Toronto.
"The market will focus will be internal conditions when the news from outside the tight blow and make stock prices rise too fast," he explained.
Alcoa Inc. reported first-quarter profit past estimates and said the prospects for the remainder of 2011 and beyond remain positive. But revenue from aluminum maker was down 3.6 percent to USD17, 13 in trade.
Energy stocks fell as U.S. crude futures fell due to profit taking. Occidental Petroleum fell 3.2 percent to USD100, 42 while the S & P energy index fell 1.9 percent.
At the close of trading on Monday (04/11/2011) local time, the Dow Jones Industrial rose 1.06 points, or 0.01 percent, to 12381.11. The broader Standard & Poor's 500 index dropped 3.71 points, or 0.28 percent to be 1324.46. And the Nasdaq Composite Index fell 8.91 points, or 0.32 percent to 2771.51. (GoFinance)
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