Go Finance Reporting in NEW YORK - The stock market is the United States (U.S.) closed lower again following the poor U.S. economic data released. S & P 500 continued weakening to its lowest position since 18 March.
The sectors most closely associated with economic growth experienced the deepest blow. Bank of America Corp. shares fell by four percent to $ 10, 83. This is the lowest level since May 2009 these shares.
"Right now investor attention focused on a weakening labor market data, capital needs, asset quality. Especially with the data in the field of housing and flattening all the things that work against financial and define the potential weakness as a whole," said Vice President of BB & T Wealth Management Bucky Hellwig was quoted as saying by Reuters in Birmingham, Alabama.
Energy stocks are also among the hardest hit sector, with the PHLX Oil Service sector index fell 3.2 percent. Chevron Corp. fell 1.3 percent to USD9, 68, these stocks are dragging the Dow Jones fell.
Oil prices fall in trade due to expectations that prices will rise because of OPEC's measures which would increase the production target this week. It is also eroding concern about the high prices which limit demand for oil.
U.S. stocks battered over the last five weeks due to a number of disappointing reports. The climax is the U.S. employment report released on Friday. These data indicate employment edged up just 54,000 jobs last month and the unemployment rate rose to 9.1 percent.
With second quarter earnings season is more than a month away, the market still will focus on the economic outlook uncertain.
At the close of trading on Monday (06/06/2011), the Dow Jones industrial fell 61.15 points, or 0.50 percent to 12090.11. The broader Standard & Poor's 500 index dropped 13.99 points, or 1.08 percent, to 1286.17. The Nasdaq Composite Index fell 30.22 points, or 1.11 percent to 2702.56. (GoFinance)
No comments:
Post a Comment