Tensions in the Korean Peninsula and European Debt Crisis Drags Market Lower
The U.S. equity market was dragged lower by tensions in the Korean peninsula and continued worries over the sovereign debt crisis in Europe, with all three major indexes ending in red. The Korea tensions and European worries overshadowed some positive economic news released by the Commerce Department. All sectors saw a sharp decline today, with the Energy and Basic Materials being the worst performers.
The Dow Jones ended the day 1.27% lower at 11,036.37, the S&P 500 ended 1.43% lower at 1,180.73 and the Nasdaq ended the day 1.46% lower.
Global worries overshadowed a Commerce Department report that showed the U.S. GDP grew at a faster pace than previous estimates during the third quarter of 2010. The Commerce Department figures showed that the U.S. GDP grew at 2.5% in the third quarter, compared with previous estimate of a 2% growth. However, on the housing front, there was some disappointing news as a report from the National Association of Realtors showed that existing U.S. home sales in the month of October.
In the equity market, shares of Hewlett-Packard Company (NYSE: HPQ) saw some huge activity, after the Palo Alto, California-based company reported its fourth-quarter financial results. Shares of Hewlett-Packard Company ended the day 2.17% higher at $44.19 on above average volume of 48.94 million. J. Crew Group Inc. (NYSE: JCG) was one of the major gainers on a day of decline in the broad market. Shares of the retailer rallied after it agreed to a $3 billion buyout. Shares of J. Crew Group ended the day 16.84% higher at $43.99 on above average volume of 38.41 million.
Related posts:
- Korea Tensions Pushing Market Lower, Dow Jones Loses More than 100 Points
- Market Expected to Open Lower on Korea Tensions
- Stock Futures Point to Lower Opening
- Markets Open Higher
- Markets Close Lower
