Dow Jones Industrial Average: inside the tragedy

Dow Jones has ceased to interest bulls

In brief: Dow Jones Industrial becoming more vulnerable to bad data statistics. Dow index is moving away from the pivot point of 10000 points.

Dow Jones Industrial fell a second consecutive session. The overall negative market very negative impact on the index of blue-chip Dow Jones Industrial Average. On Monday, June 7, the U.S. stock market showed a negative trend. If the first session, the index rose on a background of positive statistics on manufacturing orders in Germany, under the veil of trades lost much of their positions because of negative news emerging in the banking sector.

Yesterday it became known that the Commission of Inquiry into the financial crisis has sent the national bank Goldman Sachs subpoena, which affected the withdrawal of shares of the financial sector. It is reported that Goldman Sachs failed to provide timely manner upon request of the Commission the necessary documents in connection with what was reported and investigated. In addition to securities of the banking sector in the fall of the leaders were and shares of technology companies, and the S & P 500 dropped for the last two sessions to the maximum with the March 2009 value. Dow Jones Industrial Average lost -115.48 points (-1.16%). The Dow index dropped to 9,816.49 points following the last trading on the U.S. stock market. Total trading volume on the sites of the stock market NYSE and NASDAQ kept lower than usual. As a result of trading the broad market index Standard & Poor’s 500 weakened by 1.35% to 1,105.47 points mark, and the index of high-tech Nasdaq Composite went to minus on 2,04% and reached 2,173.90 points. After the market received information that a bank Goldman Sachs has received a subpoena from the Commission of Inquiry into the financial crisis, the banking sector went into “red” zone. So, quotes, JPMorgan Chase, Bank of America and Goldman Sachs declined by 2,39%, 3,39% and 2,5% respectively. Additional pressure on securities Bank of America have reported that the mortgage company Countrywide Financial, the bank acquired in 2008, should pay a fine of $ 108 million imposed by the Federal Trade Commission USA. Apple has been shedding during the session 2% of market capitalization as presented yesterday, June 7, the new model phone iPhone 4 is not aroused much enthusiasm among investors. Meanwhile, Google shares have fallen in price on 2,7% – Australian Attorney General’s Office asked the country’s police to investigate the activities of Google because of the suspicion of an unauthorized collection of data sent to users on unprotected wireless networks WiFi. Another representative of the industry, a software developer Autodesk, shortened from its asset 4,4%, despite the fact that the rating of its shares, estimated Goldman Sachs, is still at the level of “buy.” Amid falling prices for aluminum and copper stocks Alcoa and Freeport-McMoRan Copper & Gold became lighter by 3% and 6.6% respectively. Collaborations trades were securities of companies in healthcare sector. In particular, the quotations pharmacist Bristol-Myers Squibb rose by 6,3% after Goldman Sachs analyst upgraded the rating of its shares to “neutral” to “buy”. In turn, the biotechnology company Celgene added to your asset 4,4% on the background of increasing the rating of its securities from “neutral” to “purchase” analyst Jefferies & Co.

Ukrainian Globalist
2010-06-08 16:18, Economics.

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