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US stocks dive on Europe debt woes
by hlk Wed 25 Jul 2012, 07:53
NEW YORK: US stocks fell sharply Tuesday on growing concerns about Europe's sovereign debt crisis, soft corporate earnings at home and a weak manufacturing report.
"Yesterday's eurozone-induced losses extended into today with stocks posting yet another decline, as lackluster manufacturing reports out of the US and Europe and a host of disappointing earnings reports added fuel to the heightened anxiety," Charles Schwab & Co analysts said.
The Dow Jones Industrial Average closed with triple-digit losses for the third straight day, down 104.14 points (0.82 percent) at 12,617.32.
The S&P 500 fell 12.21 points (0.90 percent) to 1,338.31, while the tech-rich Nasdaq dropped 27.16 points (0.94 percent) to 2,862.99.
After opening barely in positive territory, indexes were stuck in the red throughout the day.
Problems in Europe, including Spain's surging borrowing costs and prospects that its huge Catalonia region will need a bailout, kept bulls at bay.
"Concerns over Europe's debt crisis were heightened after Moody's downgraded the outlooks of Germany, the Netherlands, and Luxembourg," Wells Fargo Advisors analysts said.
A weak report from the Federal Reserve highlighted troubles on this side of the Atlantic. The Richmond Fed data showed manufacturing contracted sharply in July in the central Atlantic region.
UPS, the world's largest package delivery company, tumbled 4.6 percent. UPS reported second-quarter profit that missed estimates and cut its 2012 earnings forecast, blaming increased uncertainty in the United States and weaker global economies.
On the Dow, telecom AT&T lost 2.1 percent after posting better-than-expected earnings for the second quarter. Fellow Dow member DuPont's results were roughly in line with Wall Street forecasts; shares fell almost 2.0 percent.
Computer chip maker Texas Instruments, down 0.9 percent on the Nasdaq, also scored in-line second-quarter results.
Cisco Systems's 5.9 percent plunge helped to drag down the Nasdaq. The computer network giant said it was cutting 1,300 jobs, or two percent of its global workforce, citing an uncertain economic outlook.
Apple shares fell 0.5 percent. The world's largest tech company by market value was slated to report earnings after the closing bell.
On Monday, US stocks closed lower in response to Europe's debt crisis. -- AFP
"Yesterday's eurozone-induced losses extended into today with stocks posting yet another decline, as lackluster manufacturing reports out of the US and Europe and a host of disappointing earnings reports added fuel to the heightened anxiety," Charles Schwab & Co analysts said.
The Dow Jones Industrial Average closed with triple-digit losses for the third straight day, down 104.14 points (0.82 percent) at 12,617.32.
The S&P 500 fell 12.21 points (0.90 percent) to 1,338.31, while the tech-rich Nasdaq dropped 27.16 points (0.94 percent) to 2,862.99.
After opening barely in positive territory, indexes were stuck in the red throughout the day.
Problems in Europe, including Spain's surging borrowing costs and prospects that its huge Catalonia region will need a bailout, kept bulls at bay.
"Concerns over Europe's debt crisis were heightened after Moody's downgraded the outlooks of Germany, the Netherlands, and Luxembourg," Wells Fargo Advisors analysts said.
A weak report from the Federal Reserve highlighted troubles on this side of the Atlantic. The Richmond Fed data showed manufacturing contracted sharply in July in the central Atlantic region.
UPS, the world's largest package delivery company, tumbled 4.6 percent. UPS reported second-quarter profit that missed estimates and cut its 2012 earnings forecast, blaming increased uncertainty in the United States and weaker global economies.
On the Dow, telecom AT&T lost 2.1 percent after posting better-than-expected earnings for the second quarter. Fellow Dow member DuPont's results were roughly in line with Wall Street forecasts; shares fell almost 2.0 percent.
Computer chip maker Texas Instruments, down 0.9 percent on the Nasdaq, also scored in-line second-quarter results.
Cisco Systems's 5.9 percent plunge helped to drag down the Nasdaq. The computer network giant said it was cutting 1,300 jobs, or two percent of its global workforce, citing an uncertain economic outlook.
Apple shares fell 0.5 percent. The world's largest tech company by market value was slated to report earnings after the closing bell.
On Monday, US stocks closed lower in response to Europe's debt crisis. -- AFP
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