Stock Market News for February 7, 2012 - Market News
07 Febbraio 2012 - 10:06AM
Zacks
After the European leaders urged
Greece to adhere to new austerity measures in order to receive the
next installment of its bailout package, debt woes returned to the
forefront and US markets dropped a few points. Even though markets
receded from t multi-year highs, benchmarks recouped most of their
losses by the end of the day and settled marginally lower.
The Dow Jones Industrial Average
(DJI) dropped 0.1% to finish the day at 12,845.13. The Standard
& Poor 500 (S&P 500) edged down 0.04% and signed off
yesterday’s trading session virtually unchanged at 1,344.33. The
tech-laden Nasdaq Compoiste Index was down to 2,901.99, shedding a
mere 0.1%. The fear-gauge CBOE Volatility Index (VIX) gained 3.9%
to settle at 17.76. Consolidated volumes on the New York Stock
Exchange, the American Stock Exchange and Nasdaq were 5.82 billion
shares, significantly lower than last year's daily average of 7.84
billion. On the NYSE, decliners outnumbered the advancers, with 57%
stocks being on the losing side as against 40% gainers. The
remaining 3% of the stocks were left unchanged.
The day lacked action on the home
front. With no major economic data being released and with not many
bellwether companies reporting results, domestic markets had to
struggle for direction. Meanwhile, news from the other side of the
Atlantic was far from favorable. European leaders, including the
French and German leaders, urged Greece to accept new austerity
measures if they expect to receive the next installment of the
bailout package.
Meanwhile, a gathering of the three
parties which are backing Prime Minister Lucas Papademos’ interim
government, were postponed by a day. The delay, which reportedly
occurred to allow the Greek leader more time to talk to
representatives of the European Union, International Monetary Fund
and the European Central Bank, was not well received. Greece needs
to receive the $171 billion in order to avoid a debt default.
German Chancellor Angela Merkel said: “I can’t quite understand why
we need a few more days”. Greece needs to accept the measures and
they need to decide and get the necessary done as soon as possible.
During a joint briefing with French President Nicolas Sarkozy,
Merkel commented: “Time is running out”. Sakozy too voiced his
concerns and said: “An agreement has never been so close, neither
for private nor public creditors…We have to conclude it”.
The markets failed to carry forward
the momentum gained on Monday, and the financial and material
sectors emerged as major laggards. The Financial SPDR Select Sector
Fund (XLF) was down 0.5% and the Materials Select Sector SPDR (XLB)
dropped 0.6%. Financial bellwethers American Express Company
(NYSE:AXP), Citigroup, Inc. (NYSE:C), JP Morgan Chase & Co.
(NYSE:JPM) and Wells Fargo & Company (NYSE:WFC) lost 0.8%,
0.7%, 0.4% and 1.4%, respectively. As for the material stocks,
Alcoa Inc. (NYSE:AA), Nucor Corporation (NYSE:NUE), United States
Steel (NYSE:X) and Arcelor Mittal (NYSE:MT) lost 0.2%, 0.6%, 1.2%
and 1.4%, respectively.
ALCOA INC (AA): Free Stock Analysis Report
AMER EXPRESS CO (AXP): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
ARCELOR MITTAL (MT): Free Stock Analysis Report
NUCOR CORP (NUE): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
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