The Dow Jones Industrial Average (DJIA) nullified Tuesday's gains today, as revived concerns about the fiscal fate of Europe kept the major market indexes swimming in red ink. With Uncle Sam's notorious credit-rating downgrade still fresh on traders' collective mind, the threat of a similar downgrade for France only reopened Wall Street's proverbial wounds. Meanwhile, an unimpressive earnings showing from Walt Disney (DIS) fueled the bearish fire, with the Dow logging its fourth triple-digit drop since the start of the month. On the flip side, the CBOE Market Volatility Index (VIX - 42.99) skyrocketed 22.6%, while a massive flight to safety sent gold futures north of $1,800 an ounce for the first time ever.
The Dow Jones Industrial Average (DJIA – 10,719.94) extended its slide in the final hour of trading, surrendering 519.8 points, or 4.6%, by the close. Furthermore, the index gave up its foothold atop the 11,000 level, as not one of its 30 blue chips bucked the trend. Leading the pack was Bank of America (BAC), which gave up 10.9% by the time the dust settled.Similarly, the S&P 500 Index (SPX – 1,120.76) finished at a session low, backpedaling 51.8 points, or 4.4%. Finally, the Nasdaq Composite (COMP – 2,381.05) also settled at an intraday nadir, swallowing a loss of 101.5 points, or 4.1%.
HAPPY INVESTING
No comments:
Post a Comment