Stocks weaken on Greek uncertainty $BAC:xnys $BAC $INTC

Last Updated on Monday, 07 November 2011 09:55

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Markets reacted negatively to the continued political events unfolding in Europe. Greek Prime Minister George Papandreou survived a critical vote of confidence from the Parliament, however early reports suggest that he may yet still step down in order to allow the forming of a unity party to facilitate the EU bailout package
European markets were down, led by the German DAX and French CAC after comments from Chancellor Merkel that few European nations had committed to participating in the bailout added to Greek concerns
US Non Farm Payrolls were higher with 80k jobs created in October. There was 104k private sector jobs created whilst the public sector continues to shed jobs, falling by 24k jobs. Although job growth remains slow, positive revisions from earlier months encouraged the market
Leading the losses on the Dow were BAC, INTC, GE, KFT and MRK failing by 6.08%, 1.90%, 1.68%, 1.68% and 1.48% respectively
Dow Jones –0.51% S&P500 –0.63% NASDAQ –0.44%
USD was stronger against the EUR and the AUD trades around 1.0305
Gold finished slightly lower on Fridays session, Crude was up slightly

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

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