Gold Has Biggest One-Day Drop since the 1980s; Markets Extend Losses
On Monday the major indices extended their losses after disappointing data was released from the housing market. Homebuilder confidence in the US reportedly dropped for a third month in April to the lowest level since October. In China, it was shared that the economy grew at a slower pace than originally expected. This sent gold futures diving--the commodity saw its biggest one-day drop since the 1980s. The tech industry struggled on Monday after a market-wide selloff. Sprint (S) and Netflix (NFLX) were able to rise above the selloff while big names such as Apple (AAPL) and Amazon (AMZN) fell.JPMorgan (JPM) remains in the news as CEO Jamie Dimon continues to be pressured to give up his dual role with the company.
Word on the Street
- Home-builder confidence drops to the lowest level in six months.
- Sprint (S) sees gains on Monday while other stocks in the tech industry struggle.
- China releases weak economic data, gold sees worst two-day slump in 30 years.
- Citigroup (C) beats expectations and releases first-quarter profit.
- Kodak agrees to sell imaging assets to Brother Industries Ltd. for $210 million.
- Bad Times Ahead for Yum! (YUM) Brands.
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Published on Apr 15, 2013By InvestorGuide Staff