US markets sell off despite encouraging data $AA $BAC $JPM

Last Updated on Tuesday, 04 October 2011 09:40

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US markets sold off heavily to continue the poor start the 4Q despite encouraging manufacturing data out of the US overnight. The Dow touched its lowest yearly point during the session with concerns over Greece’s ability to met its obligations weighing on market sentiment
The Dow jumped 66 points early in the session after ISM Manufacturing Data Index rose to 51.6 points, beating the 50.3 forecast by analysts. However all gains were reversed with all sectors across the S&P500 finishing lower. The S&P500 is now down 19% from its early year highs
Leading the losses on the Dow was BAC, AA, JPM and CAT each falling 9.64%, 7.00%, 4.88% and 4.46% respectively
Yahoo bucked the trend by jumping 2.73% to $13.53 on reports of a potential take over by Chinese internet company Alibaba Group
Dow Jones –2.36% S&P500 –2.85% NASDAQ –3.29%
USD continues to jump on rise aversion. The Dollar Index rallied to a high of 80.22. GBP is near 1.5400 and the AUD sold off to a 0.9508 low
Gold rose again overnight, up 1.80%. Spot Crude closed 2.6% lower

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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