Friday, the US stock market closed sharply lower after crude prices touched another all time high and further ailing performance by the financial sector overshadowed the positive consumer spending data. The financial sector was once again came into limelight and finished the session as the worst performing sector on reports that Merill Lynch may incur additional write-downs and may sell its stake in BlackRock. Further according to report that American International Group may also face some write-downs of its own.
On the earnings front, Accenture reported better-than-expected results for its most recent fiscal quarter and provide positive outlook.
On the economic front, the real personal consumption expenditures data for the month of May were up 0.4%.
The Dow Jones Industrial Average (DJIA) dropped by 106.91 points to close at 11,346.51. The S&P 500 (SPX) index decreased by 4.77 points to close at 1,278.38 and the NASDAQ Composite (RIXF) fell 5.74 points to close at 2,315.63.
Among the Dow’s 30 components, 22 components ended in red mainly led the financial stocks down by American Express, Citigroup and J P Morgan Chase down by 2.20%, 2.4% and 3.5% respectively.
A total of more than 189mn shares were traded on the NASDAQ, with declining stocks outpaced the advancing stocks by 2 to 1.On NYSE around 229mn shares traded for the day, with declining stocks outpaced the advancing stocks by 2 to 1.
Crude oil futures for the month of August delivery closed higher by $0.57 at $140.21 per barrel on New York Mercantile Exchange. The crude prices rose to an all time high to $142.99 per barrel during the intraday trading. The crude prices rose to a record of nearly $143 mainly due to the weakening of dollar and concern about global production and the economy.The gold prices for the month of August delivery surged by $16.20 to settle at $931.30 an ounce on the New York Mercantile Exchange. The gold prices fell after the dollar weakens against its rival currencies and the crude prices rally to an all time high nearly $143 per barrel.
On the earnings front, Accenture reported better-than-expected results for its most recent fiscal quarter and provide positive outlook.
On the economic front, the real personal consumption expenditures data for the month of May were up 0.4%.
The Dow Jones Industrial Average (DJIA) dropped by 106.91 points to close at 11,346.51. The S&P 500 (SPX) index decreased by 4.77 points to close at 1,278.38 and the NASDAQ Composite (RIXF) fell 5.74 points to close at 2,315.63.
Among the Dow’s 30 components, 22 components ended in red mainly led the financial stocks down by American Express, Citigroup and J P Morgan Chase down by 2.20%, 2.4% and 3.5% respectively.
A total of more than 189mn shares were traded on the NASDAQ, with declining stocks outpaced the advancing stocks by 2 to 1.On NYSE around 229mn shares traded for the day, with declining stocks outpaced the advancing stocks by 2 to 1.
Crude oil futures for the month of August delivery closed higher by $0.57 at $140.21 per barrel on New York Mercantile Exchange. The crude prices rose to an all time high to $142.99 per barrel during the intraday trading. The crude prices rose to a record of nearly $143 mainly due to the weakening of dollar and concern about global production and the economy.The gold prices for the month of August delivery surged by $16.20 to settle at $931.30 an ounce on the New York Mercantile Exchange. The gold prices fell after the dollar weakens against its rival currencies and the crude prices rally to an all time high nearly $143 per barrel.
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