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Subject:  stocks sank more than one percent in a Friday the 13th rout |
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Author: slower growth in China |
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Date Posted: 15:26:27 04/13/12 Fri China's slower growth weighs on US stocks AFP – 11 hours agoRelated ContentView PhotoTraders work on the floor of the New York Stock Exchange on April 10. US stocks sank more than one percent in a Friday the 13th rout as slower growth in China eclipsed better-than-expected earnings from two big banks and Internet giant Google. US stocks sank more than one percent in a Friday the 13th rout as slower growth in China eclipsed better-than-expected earnings from two big banks and Internet giant Google. After sharp gains Thursday, Wall Street sentiment also was damped by rising concerns across the Atlantic that Spain and Italy may be the next to succumb to the eurozone debt crisis. The Dow Jones Industrial Average dived 136.99 points (1.05 percent) to finish at 12,849.59. The broader S&P 500 shed 17.31 (1.25 percent) to 1,370.26, while the tech-rich Nasdaq fell 44.22 (1.45 percent) to 3,011.33. "Looks like the steam has run out of Wall Street's sail," said Karee Venema at Schaeffer's Investment Research. According to the company, "the last three Friday the 13ths have been down days" and Friday's action made it four in a row. "Equities fell as China's gross domestic product rose 8.1 percent in the first quarter, less than the consensus 8.4 percent growth prediction," Wells Fargo Advisors said. "Debt contagion fears in the eurozone added to the negative tone as Spanish credit-default swaps advanced to an all-time high." A bigger-than-expected drop in the University of Michigan's consumer sentiment index also stoked concerns about the pace of the US recovery following poor jobs figures. Shares in JPMorgan Chase tumbled 3.8 percent and Wells Fargo fell 3.3 percent, despite pre-opening earnings reports beat Wall Street expectations. JPMorgan announced it made $5.4 billion profit in the first quarter and Wells Fargo posted a first-quarter profit of $4.2 billion. Google reported soaring profits after the market closed Thursday, but investors appeared mixed about its announced stock split. Google shares sank 4.0 percent to $625.27. The fall erased most of Thursday's gains, when the key indices all added more than 1.3 percent. Bond prices rallied. The yield on the 10-year US Treasury fell to 2.00 percent from 2.05 percent Thursday while the 30-year yield dropped to 3.15 percent from 3.21 percent. @y7finance on Twitter [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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