Monday, 14 May 2012

Biggest Loss for Dow in 2012 on Heightened Europe Concern

For a second straight week, the US stocks plunged giving the Dow Jones Industrial Average the biggest loss of 2012 mainly due to heightened concern over Europe’s debt crisis, political turmoil in Greece and the $ 2 billion trading loss suffered by JPMorgan (NYSE : JPM) that pulled down bank shares.

For the week, there was a drop of at least 1.7 percent in financial and technology stocks in the Standard & Poor’s Index. JPMorgan dropped 11 percent and Cisco Systems’ (NASDAQ : CSCO) forecast missed analysts’ estimates. Macy’s Inc dropped 7.6 percent and Fossil Inc plunged 39 percent amid disappointing projections. One of the bright points was the rising of Walt Disney by 6.1 percent to an all-time high.

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