Wall St Sunk By EURO, Dow Tanked 1.08% Stocks traded higher right out of the gate this morning, as the Street celebrated a solid earnings report from blue-chip behemoth Wal-Mart Stores. Furthermore, the bulls cheered data indicating that new home construction jumped a steeper-than-anticipated 5.8% in April, marking the best annual rate since late 2008.
However, the optimistic atmosphere deflated by midday, as persistent fears about European debt pushed the euro to a fresh four-year nadir of $1.219. In addition, some analysts opined that Germany's plan to ban "naked" short selling, as well as reemerging fears of a rate-hike on the horizon, contributed to the bearish backlash. Against this backdrop, the major market indexes accelerated their losses into the close, with the Dow Jones Industrial Average (DJIA) surrendering triple digits, and the S&P 500 Index (SPX) now at a critical technical crossroads.
After adding roughly 90 points in early trading, the Dow Jones Industrial Average (DJIA – 10,510.95) reversed course around midday, swallowing a loss of 114.88 points, or 1.08%. In fact, Wal-Mart Stores was the lone blue chip to eke out a gain, with American Express and Boeing pacing the 29 declining equities.
In similar fashion, the S&P 500 Index (SPX – 1,120.80) surrendered an early lead to finish 16.1 points, or 1.4%, lower. What's more, the broad-market barometer breached support at its 160-day moving average -- a technical defeat of significant concern to ZLBT's recent article >>>
After adding roughly 90 points in early trading, the Dow Jones Industrial Average (DJIA – 10,510.95) reversed course around midday, swallowing a loss of 114.88 points, or 1.08%. In fact, Wal-Mart Stores was the lone blue chip to eke out a gain, with American Express and Boeing pacing the 29 declining equities.In similar fashion, the S&P 500 Index (SPX – 1,120.80) surrendered an early lead to finish 16.1 points, or 1.4%, lower. What's more, the broad-market barometer breached support at its 160-day moving average -- a technical defeat of significant concern to ZLBT's recent article >>>
Finally, the tech-rich Nasdaq Composite (COMP – 2,317.26) fared the worst of the major market indexes, backpedaling 37 points, or 1.6%, after a brief stint in the black.
Crude Splutters Continue ........Crude-oil futures ended at a seven-month low on Tuesday, as a rising dollar and falling stocks nipped a budding rebound in oil prices.
Crude oil for June delivery lost 67 cents, or 1%, to $69.41 a barrel on the New York Mercantile Exchange, ending in the red for the sixth consecutive session.
That was the lowest settlement for a most-active contract since Sept. 29, when oil ended at $66.71 a barrel. The market has been unable to sustain gains as concerns about decreased demand amid expectations of another increase in oil stockpiles are still weighing negatively on the market.
Crude-oil futures fell further in electronic trading to $69.15 a barrel.
Oil started off the session rallying more than 3% as financial markets stabilized and some of the panic about Greece and a potential sovereign debt crisis in Europe abated.
The fears about Europe had cleared up a bit as Greece said that it received 14.5 billion euros in loans from the European Commission and that its short-term
The dollar index which compares the U.S. unit with a basket of six currencies, rose to 86.94 from 86.24 late Monday
Crude oil for June delivery lost 67 cents, or 1%, to $69.41 a barrel on the New York Mercantile Exchange, ending in the red for the sixth consecutive session.
That was the lowest settlement for a most-active contract since Sept. 29, when oil ended at $66.71 a barrel. The market has been unable to sustain gains as concerns about decreased demand amid expectations of another increase in oil stockpiles are still weighing negatively on the market.
Crude-oil futures fell further in electronic trading to $69.15 a barrel.
Oil started off the session rallying more than 3% as financial markets stabilized and some of the panic about Greece and a potential sovereign debt crisis in Europe abated.
The fears about Europe had cleared up a bit as Greece said that it received 14.5 billion euros in loans from the European Commission and that its short-term
The dollar index which compares the U.S. unit with a basket of six currencies, rose to 86.94 from 86.24 late Monday
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