Markets sell off on negative outlook from ratings agencies $SP500.I

Last Updated on Monday, 05 March 2012 14:48

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Markets sold off overnight across Europe and the US amid concerns from ratings agencies that European nations have not done enough to stem the debt crisis that has plagued Europe over the last 2 years
Financials led the losses on the US market as the risk of further financial turmoil threatened the fragile banking sector. The S&P Financial sector was down 2.6% with Bank of America leading the losses down 4.7%
Tech giant Intel disappointed the market falling by 4% after it cut its Q4 revenue forecast due to supply shortages of hard-drive components
Energy and industrial stocks such as Exxon Mobile and Alcoa fell 1.59% and 3.01% respectively as energy and commodity prices fell on Euro concerns
Leading the losses on the Dow was BAC, INTC, JPM, AA and CAT falling by 4.72%, 4.04%, 3.44%, 3.01% and 2.84% respectively
DOW –1.34%, S&P500 –1.49% and NASDAQ –1.31%
EUR fell to an almost 3 month low on renewed debt concerns. As a result of the pullback in risk appetite the AUD fell heavily making a low of 1.0031
Gold fell due to a stronger USD and Crude fell 1.6% on European fears

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

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