Dow Jones Industrial Average is at the abyss of a new crisis … 3% is not the limit

Dow Jones is falling rapidly right now

In brief: The circus called the U.S. stock market took away hundreds of millions of cattle in the background of overall negative market and a record drop Dow Jones Industrial.

Dow Jones Industrial Average carries the worst day of trading throughout the summer today. Losses Dow Jones Industrial may exceed 3%, – assured analysts the stock market. U.S. stocks dropped heavily throughout today’s midday session as pessimism dominated global markets, where the Dow Jones Industrial Average index dropped bellow 10,000 amid concerns over China’s growth, and after the U.S. Conference Board announced consumer confidence fell in June to 52.9 from 62.7.

Caterpillar Inc and Alcoa Inc shares declined after the Conference Board signaled that the Chinese economy will slowdown, while JPMorgan Chase & Co shares fell after Moody’s Investors Services signaled the bank’s revenue might drop, while Wells Fargo & Co and Bank of America shares also declined on fears of declining revenue due to a proposed cap on credit-card fees by the Congress. Micron Technology Inc shares dropped heavily after receiving a negative recommendation from UBS AG, while Aaron’s Inc shares also declined after announcing second quarter profits will not rise above $0.33 per share well below the $0.39 a share estimated average by analysts. The U.S. dollar gained huge momentum against major currencies as investors shunned risky assets and headed for safety measures, and accordingly, energy and metal prices dropped to weigh down on energy and metal producers shares. The Dow Jones Industrial Average index lost 246.90 points or 2.44% to reach 9891.62 levels.

All shares in the DJIA declined, the index shed points due to Boeing Co share as it declined $3.29 or 4.89% to cut 24.86 points from the index as it reached $64.01, then came Caterpillar Inc as it dropped $2.86 or 4.44% costing the index 21.61 points as it reached $61.54, finally IBM share declined $2.83 or 2.19% subtracting 21.39 points from the index as it reached $126.15. The Standard & Poor’s 500 Index shed 29.81 points or 2.77% to reach 1044.76 levels. The index added and slashed points based on the performance of the upcoming stocks; the index shed points due to Micron Technology Inc share as it declined $1.34 or 13.37% as it reached $8.68, then came Textron Inc as it dropped $1.67 or 8.95% as it reached $16.99, finally Titanium Metals Corp share declined $1.60 or 8.17% as it reached $17.99. the stocks adding the most points to the index were Newmont mining Corp stock as it inclined $0.44 or 0.72% as it reached $61.90, then came Zimmer Holdings Inc share as it inclined $0.23 or 0.42% as it reached $54.80, finally HCP Inc share inclined $0.13 or 0.40% as it reached $32.62.

Ukrainian Globalist
2010-06-29 18:00, Economics.

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