Wall Street Falls 1.6% on Fed and Chinese Economy (AAPL, BAC)
After Friday's selloff in reaction to the Fed's comments, the markets continued to fall sharply on Monday. Stocks were also negatively influenced by a 5.3% drop in the Shanghai market caused by economic worries. For the Dow, Bank of America (BAC) and Hewlett-Packard (HPQ) declined significantly. Apple (AAPL) stumbled 2.7% after its price target was cut. The EU approved the acquisition of NYSE Euronext (NYX) by ICE (ICE) which is now mostly complete.The US dollar swung between gains and losses on Monday as more comments from investors and the Fed were released regarding monetary policy.
Word on the Street
- Fed's William Dudley says policies may need to be more accommodating.
- Bank of America (BAC) leads financial stocks lower on Monday.
- Economic distress in China weighs on US bond yields and stocks.
- Apple (AAPL) falls below $400 for the first time in two months, techs struggle.
- Facebook (FB) Introduces Instagram Video.
Published on Jun 24, 2013By InvestorGuide Staff