NST Online Business Times : latest

Posted: 24 Jun 2011 06:42 PM PDT

NEW YORK: US stocks fell hard Friday as fresh concerns about eurozone financial stability, this time focusing on Italy, unnerved investors already rattled by the Greek debt crisis.

The Dow Jones Industrial Average tumbled 115.42 points (0.96 per cent) to close at 11,934.58.

The broader S&P 500 dropped 15.05 points (1.17 per cent) to 1,268.45, while the tech-heavy Nasdaq Composite shed 33.86 points (1.26 per cent) to close at 2,652.89.

Investors were shaken when Italian bank stocks fell suddenly on warnings of a possible downgrade by Moody's and yields on Italian government bonds surged, sparking fear that the eurozone's debt troubles could be spreading.

Underscoring the concerns about Italy's fiscal weakness, the spread between Italian and German 10-year bonds hit 212 basis points -- their highest level since the creation of the euro.

The fresh jitters from Italy, combined with ongoing worries about whether Greece can avoid a potentially destabilizing default, overshadowed upbeat economic reports from the United States, analysts said.

"It's all about Greece," said Peter Cardillo of Avalon Partners. "We had some good economic numbers but the focus remains on the Greek situation."

In the United States, orders for manufactured durable goods rose 1.9 per cent in May, rebounding from a sharp decline in April, the US Commerce Department said in a monthly report.

The US government also revised its final figure for first-quarter economic growth to 1.9 per cent, up from its earlier estimate of 1.8 per cent.

Google fell 1.1 per cent after the Internet search giant confirmed it was being targeted in an antitrust probe, which was first reported on Thursday.

Google shares have dropped 2.5 per cent since Wednesday. -- AFP

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Kredit: www.nst.com.my

Jumaat, 24 Jun 2011

NST Online Business Times : latest

NST Online Business Times : latest

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