Dow drops 200-plus points; stocks negative for July
Muscats MSM30 Index was up 0.3 percent. Egypts benchmark index was down less than 0.1 percent at 8,820.51. The countrys Ministry of Investment is seeking financial advisers to value 124 public-sector companies as part of a plan to restructure some of them, Al Mal newspaper reported today, citing Investment Minister Ashraf Salman. In Israel, the benchmark TA-25 Index was up 0.1 percent at 1,393.82, as the government said it will press on with its military offensive to stop attacks from the Gaza Strip .
Stocks Extend Losses on Data Deluge, Geo-Political Worries – NASDAQ.com
averages were reeling Thursday in the face of an Argentine debt default, ongoing tension with Russia and massive losses from a Portuguese bank. The Dow Jones industrial average was down 195 points, 1.2%, at 16,685 nearing noon, while the S&P 500 dropped 27 points, 1.4%, to 1,943, falling below its 50-day moving average. The Nasdaq, home to many of the high-multiple stocks that have acted like yo-yos in 2014 , was the worst of the trio with a decline of 1.7%, sliding 76 points to 4,387, while small caps were also crushed with the Russell 2000 down 1.9%.. Thursdays action was largely attributed to issues outside the U.S., coming a day after the latest reading on economic growth that showed a big rebound from the first-quarters dismal figure as GDP grew 4% in the second quarter. The tremors started late Thursday when talks between Argentina and its creditors hit a stalemate and Standard & Poors declared the country had entered selective default. (See Why Everyones A Loser In Argentinas Default. ) Early Thursday in Europe ,Portugals Banco Espirito Santo recorded a $4.7 billion loss that may severely impede its ability to raise needed capital.
Source: <a which stocks to buy now href=’http://www.forbes.com/sites/steveschaefer/2014/07/31/stocks-run-red-as-argentina-default-portugal-bank-blow-add-to-concerns/’ >http://www.forbes.com/sites/steveschaefer/2014/07/31/stocks-run-red-as-argentina-default-portugal-bank-blow-add-to-concerns/
Stocks Run Red As Argentina Default, Portugal Bank Blow Add To Concerns – Forbes
A small pop in the futures market this morning following a below-consensus gain in non-farm payrolls coupled with a small gain in the jobless rate evaporated soon after the open as selling pressure that started yesterday continues to plague equities. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc. Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
were hit, including Pampa Energy . Read More Argentina defaults but eventual deal possible “We’re a worldwide economy, so the credit of one country effects other countries, and a lot of the bond holders were U.S. based,” said JJ Kinahan, chief strategist at TD Ameritrade. “I think it’s just a function of we had a terrific rally, and there are some things breaking down under the hood,” said Dan Greenhaus, chief global strategist at BTIG LLC.