U.S. Stocks Decline on Portugal Bank, Argentina Concerns
Source: Bloomberg
U.S. stocks fell, extending yesterday’s 2 percent decline in the Standard & Poor’s 500 Index, (SPX) as concerns over Argentina’s default and Portugal’s Banco Espirito Santo SA overshadowed monthly jobs data.
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“You never want to see a flat opening after a day like yesterday where we saw broad-based selloff,” Rick Fier, director of equity trading at Conifer Securities LLC in New York, said in a phone interview. “The only thing a flat opening gets you is more sellers. You also have the worries over what’s going on in Europe pushing stocks down.”
U.S. stocks joined a global selloff yesterday, sending the S&P 500 to its first monthly decline since January, after companies from Exxon Mobil Corp. to Samsung Electronics Co. reported results that disappointed investors, Argentina defaulted and Banco Espirito Santo was ordered to raise capital.
Read more: http://www.bloomberg.com/news/2014-08-01/u-s-index-futures-decline-as-investors-await-jobs-report.html
AP - US markets fall for a second day
KEEPING SCORE: The Dow Jones industrial average lost 50 points, or 0.3 percent, to 16,512 as of 11:31 a.m. Eastern. The blue-chip index lost 317 points the day before, its biggest one-day drop since February. The Standard & Poor's 500 index was down seven points, or 0.3 percent, to 1,924 and the Nasdaq composite fell 25 points, or 0.6 percent, to 4,345.
In Europe, Germany's DAX fell 2 percent, France's CAC 40 fell 0.7 percent, and the FTSE 100 index fell 1.5 percent.
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THE DAY AFTER: Investors were dealing with the aftermath of the worst day in months for financial markets. Factors include weak corporate earnings from big companies such as Exxon Mobil as well as the approaching end of stimulus from the Federal Reserve. Economic sanctions on Russia that have increased tensions with the West also played a role, as did Argentina's debt default Wednesday. And there's also the general worry by investors that stocks are overpriced.
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