Wall Street Ends In The Red Because Of Political Struggles In Europe – Acadiana Business Index
Wall Street closed off its session lows, but remained in the red due to political struggles in Europe. Ken Meyers has the latest on what's happening on Wall Street in Tuesday's Acadiana Business Index.
- The Dow closed below the 13,000 level, giving up 76 points to 12931. The S&P 500 Index was down 5 points to 1363 and the Nasdaq was lower by 11 points to 2946.
- On the Nasdaq, decliners matched advancers on issues, but volume was 2-1 negative.
- Within the Eurozone, Greece failed to form a government over the weekend which prompted concerns that the country may default on its debt and possibly exit the euro. In addition, the newly elected French president pledged to push for less austerity which opposed efforts made by the EU and the IMF.
- As a result of the negative tone, all sectors retreated led by losses in energy shares as oil prices declined for a fifth-consecutive session. In turn, Exxon Mobil fell 46 cents to $84.02, BP gave up 91 cents to $40.42 and Chevron lost 47 cents to $102.84.
- Among first-quarter earnings results, since the start of the season on April 10th, over 70% of S&P 500 companies have topped expectations and after the close tonight Walt Disney was scheduled to post its tally.
- In bondland, Treasury prices rose further after the government’s auction of $32 billion in 3-year notes garnered solid demand. The yield on the 10-year note fell to a three-month low, gaining 9/32 to yield 1.84%.
For the complete report, click Ken's Market Report.