U.S. stocks declined, after the biggest weekly gain in the Standard & Poor’s 500 Index since 2009, as financial shares slumped and the German government damped optimism of a quick fix to Europe’s debt crisis, those fine people at Bloomberg report.
Banks in the S&P 500 tumbled 5.4 percent as a group. Citigroup Inc. and Wells Fargo & Co. (WFC) retreated at least 1.4 percent as revenue dropped amid economic weakness and market turmoil linked to Europe. Alcoa Inc. (AA) and Caterpillar Inc. fell more than 2.8 percent to pace losses among companies most-tied to the economy. Gannett Co. tumbled 8.3 percent after profit fell as circulation and print-advertising revenue declined.
The S&P 500 decreased 1.6 percent to 1,204.82 at 1:49 p.m. New York time. The benchmark gauge for American equities rallied 6 percent last week. The Dow Jones Industrial Average retreated 204.27 points, or 1.8 percent, to 11,440.22 today….
Read more at http://www.bloomberg.com/news/2011-10-14/u-s-stock-futures-gain-before-economic-data-google-climbs.html
No comments:
Post a Comment