Recent Posts
Home >Unlabelled > Stocks ending gloomy 3rd quarter on a weak note - Business - Stocks & economy on Astini News
Stocks ending gloomy 3rd quarter on a weak note - Business - Stocks & economy on Astini News
Posted on Friday, September 30, 2011 by astini
& Stocks fell Friday, putting the market on track to end its worst quarter since the peak of the financial crisis.&
The Dow Jones industrial average is down 74 points, or 0.7 percent, at 11,080 at 12:45 p.m. Eastern time. The Dow, S&P 500 and Nasdaq have all lost more than 10 percent this quarter, the first time that's happened since the financial crisis crested at the end of 2008.
Markets have been wracked this summer by growing fears about a possible default by Greece and the increasing likelihood of a global recession. Uneven economic data have touched off sudden bouts of buying and selling.
Seven of the S&P's 10 industry groups lost ground Friday. Financial companies fell the most, 2 percent. The three groups that rose are industries that tend to be more resilient to weak economic conditions: utilities, consumer staples and health care.
The Standard & Poor's 500 index lost 11, or 1 percent, to 1,149. The Nasdaq composite index dropped 25, or 1 percent, to 2,456.
The S&P 500 index is down 13 percent since July 1, the start of the third quarter. That's the biggest quarterly drop since the three months ended Dec. 31, 2008, when global financial markets seized up. Excluding that period, the S&P has not dropped this much in a quarter for nine years.
"The market has really seen some damage this quarter," said Mike Hurley, portfolio manager of Highland Trend Following Fund.
The weakness appears to be the start of a longer decline, Hurley said, because bonds are gaining value and interest rates are low. Traders also are selling commodities such as oil for which demand would fall during an economic downturn. "Lower interest rates and commodity prices are definitely an indication that the market thinks economic activity is going to be weak," Hurley said.
Stocks in France, England and Germany fell on more signs of division between European leaders. Germany and France proposed managing their shared currency through meetings of nations' leaders, rather than by a central bureaucracy. The chief of the existing bureaucracy balked at the proposal.
Persistent squabbling over financial policy has been a major obstacle to achieving a lasting solution to Europe's debt crisis. France and Germany, the currency union's strongest economies, want countries to coordinate their spending and borrowing more closely. Others see that as a threat to sovereignty.
Many European leaders and traders appear convinced that Greece will default in the coming weeks or months. Greece's lenders and neighbors are preparing as best they can to prevent that from causing a worldwide financial panic.
As a result, traders have reacted strongly to news and rumors out of Europe about how the crisis is being addressed. Markets gyrated wildly this summer in some of the most volatile trading on record. The Dow Jones industrial average swung more than 100 points in more than half of the trading days this quarter.
Traders also have made big moves in response to U.S. economic data, which has mostly suggested a slowdown. A recession in the U.S. looks increasingly likely, mainly because of Europe's struggles and signs of weakness in developing countries like China that have been driving global economic growth.
The government said Friday U.S. consumers spent slightly more in August, but earned less for the first time in nearly two years. That suggests that people are tapping their savings to pay for costlier gasoline and offset lost wages. The savings rate fell to its lowest level since late 2009.
Ingersoll-Rand plunged 14 percent, the most of any stock in the S&P 500 index, after cutting its profit forecast for the third and fourth quarters. The machinery maker said North American sales of climate-control and security products have been weaker than expected.
Micron Technology Inc. fell 12 percent after the chipmaker disappointed investors with a quarterly loss. Analysts had expected a profit. Sales were hurt as the company transitions to selling a newer array of memory chips.
The owners of the Dow Jones industrial average and the S&P indexes are in advanced talks to combine their businesses in a joint venture, according to several news reports Friday. A combination would put the world's most closely watched financial market indicators into one operation.
McGraw-Hill Cos., which owns the S&P Indices, and CME Group Inc., which owns the Dow Jones industrial average and other Dow Jones-branded indexes, are talking about creating a merged business that would be managed by McGraw-Hill, the Wall Street Journal reported.
& &Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
& & &
Blog Archive
-
▼
2011
(2934)
-
▼
September
(682)
- This familyâs favourite kitchen tool is a comput...
- News - The Neshoba Democrat on Astini News
- News: Mozambique proposes law to axe VAT on animal...
- Try Thanksgiving in Belize, Says The Lodge at Chaa...
- The Origin Of The Word 'Epilepsy' : NPR on Astini ...
- Arizona to host GOP presidential debate in Decembe...
- Schizophrenia - Pipeline Review, H2 2011 on Astini...
- Nicolas Cage on 'The Expendables 2' and 'Ghost Rid...
- Who deserves 2011 PGA Tour Player of the Year hono...
- Lille midfielder Joe Cole targets England recall o...
- What is Sonic the Hedgehog Without a Sega Console?...
- Salespeople at three Bob's Discount Furniture stor...
- on Astini News
- Stocks ending gloomy 3rd quarter on a weak note - ...
- BLABBERMOUTH.NET on Astini News
- Does it work? Can maca increase sexual appetite? -...
- Giants trying to avoid 'trap' vs. Cardinals on Ast...
- Sharpshooting Fairfield detective places 11th on H...
- Obama's race problem is black and white -- and gre...
- Premier League football news from the Barclays Pre...
- HBO Marketing Chief Courteney Monroe to Step Down ...
- 750 pieces of John Wayne's life on the block - Loc...
- Present-Day Republican Rage Pre-Dates the Tea Part...
- Frances Bean Cobain | Frances Bean Cobain Turns To...
- OS X Lion / Snow Leopard Now Required to play 'Cit...
- Nassau County detective quitting over allegation s...
- Daniel Radcliffe A 'Star Wars' Virgin - Entertainm...
- Google Fights German Lawsuit Over âSex-Club Bill...
- New ACDSee Photo Editing and Management Products D...
- ROM â @nickmcminn60 MIUI SS-8 âLG 2X Editionâ...
- George Clooney Defends Ex Elisabetta Canalis From ...
- IRONCLAD (2011) on Astini News
- Actors Who Should Win And Who Will Win (PHOTOS) on...
- Young Canadians are creating a better world on Ast...
- Nine Named Semifinalists For 2012 Kentucky Teacher...
- Be Trafalgarâs guest by watching Better Homes & ...
- Grocery stores expanding generic brands on Astini ...
- Summer over, Cape road work abounds on Astini News
- Charles Manson and Me: A Memoir on Astini News
- Your Kidâs Brain, SpongeBob-ed | NewAmerica.net ...
- Extreme Weather Leads To Spike In Sales on Astini ...
- Australia ruling in Apple vs Samsung case expected...
- Titan Medical Inc. Announces Memorandum of Underst...
- DAILY YOMIURI ONLINE (The Daily Yomiuri) on Astini...
- A gluten-free for all drives product sales | Reute...
- Space Shuttle Enterprise Unveiled 35 Years Ago to ...
- Prime Limousine, Audi sign deal on 100 Audis for E...
- South Africa ponders issuing visa for Dalai Lama o...
- 'We the People' captures American spirit | MyCentr...
- on Astini News
- Neil Youngâs book deal sparks hunt for Canadian ...
- The Sweet Smell of Easier Weight Loss? on Astini News
- Living | Angry Birds game may top holiday toy sale...
- SEC probes RBS,Credit Suisse over bad mortgage loa...
- Top 100 ALA Banned Books: Harry Potter | The Back ...
- I-Team 10 investigation: Pizzeria employee accused...
- US scientists testing earthquake early warning - T...
- Holy Land 9/3/11 - Celebrity Review by tigershark1...
- J. Cole on His Albumâs Eleventh-Hour Jay-Z Verse...
- Bowling for a Cause - Yahoo! Finance on Astini News
- Car Charging Group to Provide EV Charging Services...
- PR-USA.net on Astini News
- Arkham City Xbox 360 Bundle Shows Up on German Ama...
- Braylon Edwards has knee procedure, out a while - ...
- Tea Party Group to Form Super PAC on Astini News
- New Jersey Mining Company Intersects 5.07 g/t Gold...
- 'Your Highness' is supposed to be stupid; it succe...
- Analyzing The Price-To-Cash-Flow Ratio - Yahoo! Fi...
- : Movies :: News :: Paste on Astini News
- ASIC to review broker capital rules: report | News...
- Portuguese Man o' War threat underestimated by swi...
- UK professor 'reconstructs' lost Beethoven piece |...
- Award-winning producer Jon Blair joins Aljazeera o...
- Diablo 3 Community Site Offers Peak at Game's Trea...
- Valencia vs. Chelsea: Champions League Match Will ...
- Tinker, Tailor, Soldier, Spy would have been so mu...
- Anna Faris answers film question "What's Your Numb...
- Guild Wars 2 Closed Beta Still Coming This Year --...
- Listen To The Weeknd Remix Of Florence + The Machi...
- Blackberry Mom: Shel Silverstein truly inspiring o...
- Deal watch: Norwegian Cruise Line launches another...
- AQM Announces the Discovery of the New Victoria Po...
- Ludacris, Bay City Rollers hit town in November on...
- Kim Kardashian leaves wedding ring home - Entertai...
- Voting important for youth - EEC on Astini News
- Buy Dish TV; target price raised, stock is getting...
- Weather Underground Launches Its New Weather API P...
- A victory for common sense on Astini News
- The top Typing Games Every Kid Have to Have! â E...
- Game: "Martians Vs. Goblins" F. Tyler The Creator ...
- Column: With Bielema playing ârespectâ card, N...
- East Valley Tribune - Arizona Local News on Astini...
- Pan-Seared Chicken with Chicory, Bacon & Figs on A...
- Tax filing relief to those hurt by Hurricane Irene...
- DTS and Huawei Showcase Superior Audio Technologie...
- 'Paradise Lost' director Joe Berlinger sought just...
- Samsung Mobile Announces New Expansion of Galaxy F...
- 'Revolutionary,' Controversial Idea : NPR on Astin...
- J. Cole Is a Storyteller in 'Daddy's Little Girl' ...
- IIS 7.0 Detailed Error - 503.4 on Astini News
-
▼
September
(682)