Arab Today, arab today us stocks plunge over 2 despite debt deal
Last Updated : GMT 15:49:51
Arab Today, arab today
Arab Today, arab today

US stocks plunge over 2% despite debt deal

Arab Today, arab today

Arab Today, arab today US stocks plunge over 2% despite debt deal

New York - AFP

US stocks wiped out most of their gains for 2011 on Tuesday, plunging as poor economic data overshadowed a congressional deal to raise the country\'s debt ceiling and avoid a default. It was the eighth straight day down for the US markets, the longest losing streak since October 2008, and saw the Nasdaq and S&P 500 indices close below where they started the year, while the Dow was at its lowest since mid-March. The Dow Jones Industrial Average closed lower by 265.87 points (2.19 percent) at 11,866.77. The broader S&P 500 dropped 32.89 points (2.56 percent) to 1,254.05, while the tech-heavy Nasdaq Composite shed 75.37 points (2.75 percent) to 2,669.24. Markets were unimpressed by the deal signed by President Barack Obama to end a months-long fight over raising the US borrowing limit that had led the country to the edge of an unprecedented default on its debt. Even though that uncertainty was lifted, traders focused on data that showed US consumer spending declined in June, the first drop in nearly two years that pointed to the economy stalling at mid-year. \"Weak data intensified worries about the economic recovery, and the passage by Congress of a debt-ceiling plan didn\'t help,\" said Scott Marcouiller of Wells Fargo Advisors. \"Some economists said federal spending cutbacks may contribute to a further slowdown in the economy, and the US remains at risk of losing its triple-A credit rating,\" he added. \"In the space of a week, investors\' opinions have completely turned around,\" said Gregori Volokhine of Meeschaert Capital Markets. \"Now, we start to have people talking about a recession in the second half of the year,\" he said. All 30 Dow blue-chips fell, with Boeing dropping 2.6 percent, Caterpillar 3.5 percent, and United Technologies 3.4 percent. The three are all important US defense contractors, and could face curtailed sales from long-term cuts to military spending under the deficit reduction side of the plan to hike the debt ceiling Tuesday. Sprint-Nextel lost 6.8 percent; Pfizer, which beat analyst expectations with a 5.0 percent rise in second quarter profits, lost 4.6 percent; and US traded shares for Alcatel-Lucent lost 6.6 percent. On the Nasdaq, News Corp. shares lost 5.0 percent, while Comcast gave up 4.7 percent. Bond yields fell to their lowest level so far this year. The yield on the 10-year Treasury dropped to 2.62 percent from 2.74 percent late Monday, while that on the 30-year bond fell to 3.92 percent from 4.07 percent.  

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 us stocks plunge over 2 despite debt deal Arab Today, arab today us stocks plunge over 2 despite debt deal

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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