U.S. Stocks Slump as Greek Referendum Threatens Bailout |
Bloomberg - Nov 1, 2011 |
U.S. stocks slumped, following the biggest decline in almost a month for the Standard & Poor’s 500 Index, on concern that a Greece referendum pledged by Prime Minister George Papandreou may threaten Europe’s bailout.
All 10 groups in the S&P 500 fell as financial and commodity shares had the biggest declines. Morgan Stanley and Citigroup Inc. (C) retreated more than 7.2 percent as a gauge of European lenders tumbled 6.7 percent. Alcoa Inc. (AA), Boeing Co. (BA) and Cisco Systems Inc. (CSCO) decreased at least 3.4 percent, pacing losses among companies most-dependent on economic growth. Baker Hughes Inc. (BHI) sank 8.6 percent as earnings missed analysts’ estimates.
The S&P 500 fell 2.6 percent to 1,221.35 as of 12:15 p.m. New York time. The benchmark gauge for U.S. equities slumped 2.5 percent yesterday. The Dow Jones Industrial Average declined 277.68 points, or 2.3 percent, to 11,677.33 today.
Read Full Article from Bloomberg
- Posted: 2011-11-01 12:15:53
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