Arab Today, arab today dismal economic news sends dow for a 2012 loss
Last Updated : GMT 00:58:51
Arab Today, arab today
Arab Today, arab today

Dismal economic news sends Dow for a 2012 loss

Arab Today, arab today

Arab Today, arab today Dismal economic news sends Dow for a 2012 loss

New York - AFP

US stocks were sucked deeply into global economic downdrafts this week, as growth stalled across major economies and data from four continents painted an increasingly grim picture for the rest of the year. A big loss on Friday sent the Dow lower than it started 2012 for the first time, while the other major indices were near to giving up hard-wrought gains since January. The blue chips of the Dow ended the holiday-shortened week at 12,118.57, down 3.3 percent for the four days and 0.81 percent off for the year. The broader S&P 500 gave up 3.0 percent in the week to 1,278.04, while the Nasdaq lost 3.2 percent, ending at 2,747.48. While Greece, Spain and the return to crisis of the eurozone was a constant dark cloud over trade, more data showing China\'s slowdown, and figures confirming that the US remained stuck in its sluggish growth mode, were what really turned US investors into bears. On Friday, industrial activity indices in both countries showed slowing, and US jobs data for May came in as a real disappointment, with new jobs creation of a meager 69,000 positions less than half what was expected. \"It\'s an ugly day for US stocks, as a disappointingly weak report on May payrolls has thoroughly rattled investors,\" said Elizabeth Harrow of Schaeffer\'s Investment Research. In addition, investors\' hopes for a sign that China will move to stimulate growth were dashed when the government signaled that no such plan was in the works. Stocks sensitive to spending by American and Chinese consumers and industries took solid hits during the week: commercial banks, fast food franchisers like Yum Brands and McDonald\'s, heavy equipment vendor Caterpillar and even Apple, the market leader by size. The bad news also sent crude oil prices plunging and US government bond yields to new lows. \"I don\'t want to say we are at the panic stage, but investors are hard on selling off,\" said Peter Cardillo of Rockwell Global Capital. US investors also still struggled with the debacle of Facebook\'s May 18 initial public offering: on Friday, the stock closed at $27.72, 27 percent below the IPO price of $38. At least nine class action lawsuits have been filed against Facebook, its underwriters and the Nasdaq market over how the offering was handled. Economists debated the meaning of the week\'s data but most argued that the negative mood in the markets was excessive. \"The increase in Treasury prices and the decline in crude oil prices likely reflect the market\'s ever-growing pessimistic view that the US economic recovery is stalling along with Eurozone weakness,\" said Wells Fargo Securities. \"While weaker-than-expected economic data may give merit to this argument, we contend there is likely a bit of noise in the data and continue to expect moderate economic growth.\" The coming week will be lighter on data, though eyes will be on Federal Reserve Chairman Ben Bernanke for any signal the bank might be more open to add stimulus to the economy after demurring since the beginning of the year. Attention will also focus on developments in China, the world\'s second-largest economy, and the eurozone. \"The pervasive gloom is almost certain to provide a platform for bears to promote the possibility of a double-dip recession, further declines in home prices, global depression or similar enticing topics. Expect the bearish rhetoric to pick up sharply,\" said Dick Green of Briefing.com.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dismal economic news sends dow for a 2012 loss Arab Today, arab today dismal economic news sends dow for a 2012 loss

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 20:52 2017 Tuesday ,21 February

Asia stocks consolidate recent gains; China shines

GMT 10:37 2017 Tuesday ,21 February

Most Asia markets up as rally presses ahead

GMT 05:34 2017 Tuesday ,21 February

7 firms to list on 2nd Saudi stock board

GMT 19:53 2017 Monday ,20 February

Large stocks fall pushing down Nairobi bourse

GMT 18:36 2017 Monday ,20 February

Heavy selling drags Oman shares lower

GMT 06:16 2017 Monday ,20 February

Bank shares lift Tadawul
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday