Posted on May - 13 - 2010
European Fiscal Concerns Likely To Hit Markets – RTTNews Daily Market Analysis
() - The major U.S. index futures are pointing to a lower opening on Friday, with sentiment impacted by concerns that the fiscal crisis in Europe has far-reaching implication. The euro’s stability is at stake, as Greece and some European nations fight to avoid defaulting on their debts. Meanwhile, economic data released from the U.S. showed that retail sales growth slowed in April, although the slowdown was in line with expectations.
Commodity prices are retreating along with other risky bets, as traders fear that the economic momentum will slow in reaction to the fiscal crisis plaguing the European nations. Sentiment over the course of the session may also depend on the consumer sentiment and industrial production data to be released today.
U.S. stocks opened Thursday’s session lower and traded modestly lower for the better part of the session, barring occasional attempts to break above the unchanged line. In late trading, the selling intensified, pushing the major averages sharply lower.
The Dow Industrials ended the session down 113.96 points or 1.05% at 10,783 and the Nasdaq Composite Index fell 30.66 points or 1.26% to 2,394, while the S&P 500 Index fell 14.23 points or 1.21% to close at 1,157.
Twenty-nine of the thirty Dow components closed the session lower, with Cisco Systems (CSCO) leading the way lower with a 4.53% drop following the release of its quarterly results. General Electric (GE), Intel (INTC), JP Morgan (JPM), Pfizer (PFE) and American Express (AXP) were among the other notable decliners. Alcoa (AA) bucked the downtrend with a 2.73% advance.
Similar Posts:
- Hopes Of Preserving Economic Momentum May Lift Sentiment – RTTNews Daily Market Analysis
- Benign Downward Revision To GDP May Help Stocks Stage Comeback – RTTNews Daily Market Analysis
- Soft Durable Goods Orders May Accentuate Weakness
- Negative Sentiment To Linger As Concerns Persists
- Patchy Retail Sales Report May Apply Brakes On Bargain Hunting – RTTNews Daily Market Analysis
