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European Debt Concerns Drives U.S. Market Lower

European Debt Concerns Drives U.S. Market Lower

2010-09-29 20:18:00
Sapan Shah,
Share:

U.S. Session Key Developments

  • Dow Loses Over 20 Points as Materials Lead the Decline
  • S&P 500 Retreats After 9 Percent Gain in September

European Debt Concerns Drives U.S. Market Lower

U.S. Markets closed in negative territory, trimming the best September rally for the S&P 500 since 1939, amid concern that Europe’s debt crisis will worsen and corporate earnings will not meet expectations. Many investors feel that although the market has had a nice rally, they will not catapult to the next level without a new factor driving the uptrend. U.S. banks followed European lenders lower on concerns the region’s most indebted nations will struggle to finance budget deficits. Markets were also driven lower today over concern that Spain will lose its top credit rating and that the cost of bailing out Anglo Irish Bank Corp. will be higher than initially expected.

DJIA 30 / 10,835.28 / -22.86 / -0.21%

The DJIA lost nearly 60 points amid concerns over European debt. JPMorgan Chase & Co. and Wells Fargo & Co. paced losses in financial companies. Energy stocks benefited from oil’s climb, as Sunoco rose 3.7 percent, Hess gained 1.7 percent, and Chevron added 0.6 percent. BP rose 1.7 percent after incoming Chief Executive Bob Dudley announced he would restructure BP’s upstream business and create a new safety division. Additionally, Hewlett-Packard surged 2.2 percent after announcing that revenue for the fiscal year would be between $131.5 billion and $133.5 billion, a range that is well above current forecasts. Boeing Co. surged 2 percent as the defense contractor received a contract for 124 F/A-18 fighter jets valued at $5.3 billion.

S&P 500 / 1,144.73 / -2.97 / -0.26%

The S&P 500 retreated on Wednesday after jumping over 9 percent in September alone. Morgan Stanley and Goldman Sachs Group Inc. dropped over 0.4 percent after analyst Meredith Whitney reduced her full-year earnings estimates for 2010 through 2012. Additionally, Urban Outfitters dropped 7.4 percent to $32.31, the largest decline in the S&P 500. J. Crew Group Inc. fell 1.7 percent after Janney Montgomery analyst Adrienne Tennant cut the company’s rating to “neutral” from “buy”. EQT Corp. gained 4.8 percent after announcing that two Pennsylvania wells in the Marcellus Shale formation produced “exceptional” results. Citigroup gained 2 percent as the Treasury Department said it would begin to sell a portion of the $2.2 billion in trust preferred securities it obtained when it pledged to share in losses on a pool of the bank’s assets. AIG rose 1.6 percent amid reports that the company is finalizing a plan to accelerate payment to the U.S. government.

NASDAQ / 2,376.56 / -3.03 / -0.13%

The Nasdaq Composite Index experienced a decline in 8 out of 10 sectors at the end of the trading day on Monday, as Consumer Goods and Health Care led the broad based decline. FalconStor Software Inc. experienced over a 20 percent decline after its CEO resigned over improper payments to a vender. Shares of Apricus Biosciences Inc closed down 19 percent after the company sold 1.7 million units to raise 9.3 million dollars. Also, ModusLink global Solutions fell 15 percent as the company posted weak Q4 earnings and said that uncertainty for business is likely to continue.

Notable U.S. Event Risk / Economic Releases

Country

GMT

Release / Event

Actual

Expected

US

11:00

MBA Mortgage Applications (SEP 24)

-0.80

US

14:30

DOE U.S. Crude Oil Inventories (SEP 24)

-1265

347

US

14:30

DOE U.S. Gasoline Inventories

-3469k

350k

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