Go Finance Reporting in NEW YORK - The stock market is the United States (U.S.) tumbled over the weekend due to fears over the euro zone debt and the projected financial performance is weaker than the Gap.
"It seems there are some potential risks that come here," said chief investment officer Calvert Investment Management Inc. Natalie Trunow as quoted by Reuters in Bethesda, Maryland.
Shares of large multinational companies, which generally tend to rely on overseas sales price declined as a stronger dollar against the euro. Shares of 3M producers fell 1.2 percent to USD93, 56.
The euro fell nearly one percent over disputes about how to deal with debt problems in Greece and Spain ahead of local elections. Gap Inc. fell 17.5 percent to USD19, 22 after projected revenue this year will go down due to rising cotton prices. S & P Retail Index fell 1.4 percent.
"Economic recovery and macroeconomic picture seems to suggest the term drag on economic recovery slower long. Unless we see many positive surprises on economic indicators, I think some negative events will continue weighing on the market," he said.
At the close of trading on Friday (05/20/2011) local time, the Dow Jones industrial fell 93.28 points, or 0.74 percent, to 12,512.04. The broader Standard & Poor's 500 index dropped 10.33 points, or 0.77 percent to 1333.27. And the Nasdaq Composite Index fell 19.99 points, or 0.71 percent, to 2803.32. For this week, the Dow fell 0.7 percent, the S & P 500 lost 0.3 percent and the Nasdaq down 0.9 percent. (GoFinance)
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