Stocks Pare Losses in Late Trading, but Still Finish Lower on Euro Zone Worries
Stocks recovered in late trading on Monday to finish off session lows. However, all three major indexes still ended sharply lower on rising worries over the euro zone debt crisis.
The Dow Jones ended the day 0.79% lower at 12,721.46, the S&P 500 ended the day 0.89% lower at 1,350.52, and the Nasdaq ended the day 1.20% lower at 2,890.15.
All sectors in the S&P 500 ended lower on Monday. The losses were led by Basic Materials sector, which ended 1.52% lower. Energy sector also fell sharply, ending the day 1.26% lower. Consumer Cyclical sector ended the day 1.10% lower. Financials ended 1.22% lower, while Technology sector ended 1.20% lower. Transportation sector finished 1.23% lower.
Among the major losers on Monday were McDonald’s Corporation (NYSE: MCD), which ended the day 2.88% lower at $88.94, Chipotle Mexican Grill Inc. (NYSE: CMG), which ended the day 3.46% lower at $306.01,and Akron Inc. (NASDAQ: AKRX), which ended the day 7.85% lower at $13.73.
Stocks fell sharply in early trading on Monday as renewed worries over the euro zone debt crisis weighed down investors’ sentiment. Concerns over the euro zone debt crisis heightened after a number of regional governments in Spain were set to ask the central government for aid. Investors are concerned that Spain, which is euro zone’s fourth-largest economy, may require a full-scale bailout.
Yields on 10-year Spanish bonds rose to a euro era high on Monday. Spain also reported that its economy contracted in the second quarter of 2012.
Meanwhile, investors also concerned that Greece may exit the euro zone after a German newspaper reported that the International Monetary Fund (IMF) may no longer provide financial assistance to the debt-laden country.
The concerns dragged markets in Asia and Europe sharply lower on Monday. The EURO STOXX 50 Index ended the day 2.59% lower on Monday.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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