Worst Drop in 3 Weeks with S&P 500 and Nasdaq Both Down More Than 2%
PUBLISHED ON: Jun 21, 2012
In the US and across the globe on Thursday stocks tumbled as Goldman Sachs (GS) recommended a shorting of S&P 500's benchmark index. Both S&P 500 and Nasdaq indexes fell more than 2% with the Dow Jones not too far behind, making it the worst day since June 1. Activity across the euro zone decreased as well as manufacturing activity in China, causing worries among the Asian stock markets and economies worldwide. Disappointment lingers for traders from the lack of more aggressive measures announced by the Fed on Wednesday.The US dollar rose against both the euro and the yen while the yield on US bonds fell. News came from Microsoft (MSFT) as it announced its new tablet to compete with Apple's (AAPL) iPad.
Word on the Street
- Can the Samsung Galaxy S III really compete with Apple (AAPL) and its iPhone?
- Goldman Sachs (GS) makes an interesting negative call on the market today.
- Auditors think the Spanish bailout could cost close to $79 billion.
- This week marks a new low for the rate on mortgages for the seventh time in eight weeks.
- Even more decline in the euro zone, China struggles.
- General Motors' (GM) comeback is slow but steady as it sees improvements across all four brands.
- Moody's may announce a downgrade in debt ratings after today's bell, costing banks billions.
- Microsoft (MSFT) Unveils its Surface Tablet.
Posted in ...Daily Market Commentary