By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 7, 2010 2:38 PM EDT
U.S. stocks declined in early trade on Tuesday as renewed concerns about the European bank stress tests weighed on sentiment.
The S&P 500 Index was down 9.93 points, or 0.90 percent, to trade at 1,094.58 at 10:35 a.m. EDT. The Dow Jones Industrial Average declined 78.25 points, or 0.75 percent, to trade at 10,369.68. The Nasdaq Composite declined 0.68 percent.
The worries over the economic recovery increased after Wall Street Journal reported that stress test performed by EU on banks understated some of the banks' holdings of sovereign debt.
Banking sector stocks in Europe experienced selling pressure after a report showed that the biggest 10 banks in Germany need to raise more capital totaling about105 billion euros because of new regulations.
Oracle Corp. jumped 6.5 percent after the company named former HP chief Mark Hurd as co-president and a director on its board.
Barclays Plc’s shares declined 5.7 percent after the bank said that its investment banking president, Bob Diamond, will be replacing John Varley as CEO at the end of March next year.
Like us on Facebook
Among the DOW components, Bank of America declined 1.93 percent, American Express and JP Morgan fell 2.61 percent and 2.35 percent, respectively.
Last week, Wall Street closed its strongest week in two months and snapped a three-week losing streak on better-than-expected Bureau of Labor Statistics (BLS) jobs report.
The euro declined 0.99 percent to 1.2748 against the dollar and the yen rose 0.69 percent against the greenback.
Crude oil futures fell 2.23 percent and copper futures declined 1.30 percent. In precious metal sector, gold futures rose 0.66 percent and silver futures advanced 0.13 percent.
European stocks declined on Tuesday, led by declines in banking and commodities sectors. Markets are currently trading lower with FTSE 100 down by 38.34 points, DAX30 down by 54.23 points and CAC 40 down by 50.85 points.
Dad Shoots Laptop Video Goes Viral on YouTube After Daughter’s Facebook Rant [VIDEO]Dad shoots laptop has become a huge search term on Friday, after a YouTube video started going viral because a man who identifies ...
Who Is Paul McCartney Trends on Twitter; Users Wonder WhyPaul McCartney closed out the 54th Grammys ceremony on Sunday night, with second half of the medley from the final recording of th...
Boeing Dreamliner Hurdles New Production Hiccup, Flags Higher Output by 2014Boeing admitted this week that yet another issue hit its Dreamliner production line but one high-ranking executive has assured that no more delays will hamper its delivery calendar in the current year.
We value your privacy. Your email address will not be shared.
