Friday, August 5, 2011

[news] U.S. Stocks Sink as Economic Fright Drives S&P 500 to Biggest Fall Since ’09

U.S. stocks fell, driving the Standard & Poors 500 for the biggest drop since February 2009, as concern the global economy is weakening caused a total loss.

Only three out of 500 shares as a reference for U.S. stocks. The losses exceeded 10 percent in 13 companies as Alpha Natural Resources Inc. (ANR) and Gap Inc. (GPS), which fell after losing retail sales estimates. All 10 S & P 500 tumbled groups, led by losses of 5.3 percent, outperforming the shares of energy and industrial material. Chevron Corp. (CVX) and Alcoa Inc. (AA) fell more than 5.7 percent in Japan sold its currency, reducing dollar-denominated raw materials.

The S & P 500 fell 4.8 percent to an eight-month low of 1200.07 to 4 pm in New York. He has retired 11 percent since July 22, the biggest loss in the same amount of time since March 9, 2009, when the equity bull market began. The Dow Jones industrial average fell 512. 76 points, or 4.3 percent, to 11,383.68 today, erasing its gain for 2011. Nearly 14 million shares changed hands on U.S. exchanges at 4:27 pm, 90 percent above the average of three months.

"It's unbelievable," said David Joy, a Boston-based chief market strategist at Ameriprise Financial Inc., in a telephone interview. His firm oversees $ 693 billion in assets. "The emotional aspect of this does not stop more. Is everyone is this way of thinking that things are not good. The situation in Europe is to get all concerned. We have had the impact of Japan's intervention in the market currency. Trade flight to quality is to collect. "

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