Wordpress Seo Plugin

Wall Street Snaps Winning Streak

Posted by Sara | Opinion | Wednesday 5 October 2011 12:07 am
Share This Article
pinterest this page

Wall Street Snaps Winning StreakStocks fell on Monday but staged a late comeback after concerns of a looming Greek debt default diminished on news of a possible deal to advance new bailout funds to Greece.

A Greek finance ministry official said after talks with the European Union and International Monetary Fund that the country was near an agreement to continue receiving money from international lenders.

From Reuters.com:

International lenders told Greece on Monday it must shrink its public sector and improve tax collection to avoid default within weeks as investors, unnerved by political setbacks in Europe dumped risky euro zone assets.

The Federal Reserve will begin a two-day meeting on Tuesday and is poised to increase downward pressure on longer-term interest rates this week in a bid to accelerate a sputtering U.S. recovery.

“It’s the Greece thing and the Fed meeting this week. We’ve seen a lot of write-up on this Operation Twist, a lot of it may be baked in,” said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania.

The Dow Jones industrial average .DJI dropped 108.08 points, or 0.94 percent, to 11,401.01. The Standard & Poor’s 500 Index .SPX lost 11.92 points, or 0.98 percent, to 1,204.09. The Nasdaq Composite Index .IXIC edged down 9.48 points, or 0.36 percent, to 2,612.83.

Tags: , , , ,

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.