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Stock Slump Continues on Thursday, ECB Fails to Act

By: , dated August 2nd, 2012
Wall street continued its slump for the fourth day in a row on Thursday after a disappointing report from the ECB and President Draghi. The central bank said that they may purchase sovereign bonds, but did not come out with any immediate action, letting down many investors. Major US indices were all in the red by the end of the day and Knight Capital Group (KCG) reports about a $440 million loss due to yesterday’s trading glitch. Weekly unemployment claims rose less than was expected yet overall retail sales were reported as higher than estimated for July. Robert Ramnarine of Bristol-Myers (BMY) was accused of insider trading. Both Sony (SNE) and General Motors (GM) saw drops in quarterly earnings. Gold, copper and oil all decreased between 1% and 3%.

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