Hiring Slows as Indices See Major Losses in Late Trading (GM, AAPL)
After the release of the Federal Reserve's Beige Book and disappointing US private jobs data the stock markets in the US fell. The Fed described the US economic recovery as moderate and modest. Newly added job numbers were disappointing but investors await further reports to be released on Friday. European stocks fell as well after data pointed to easing business activity in the euro zone during the month of May. By the end of trading the major indices saw large retreats - the worst of the year for the S&P. General Motors (GM) fell after announcing it will be selling 30 million shares of its stock and Verifone (PAY) stumbled after missing profit expectations.The US dollar fell for a second day in a row against its major competitors.
Word on the Street
- The Fed's most recent Beige Book says economic growth remains modest.
- Microsoft (MFST) and other tech stocks continue to underperform.
- Goldman Sachs (GS) to invest $135 million into wind energy firm ReNew Power.
- The Dow Jones tumbles to its lowest level in a month with the biggest drop in six weeks.
- Five Stocks to Watch in June.
Published on Jun 5, 2013By InvestorGuide Staff