U.S. Stocks Follow World Markets Lower
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Stocks in the U.S. followed world stock markets lower today on concerns of a significant global economic slowdown. The Dow closed down 514, the Nasdaq was down 81 and the S&P 500 was down 58. The S&P 500 closed at its lowest level since April 2003.
Emerging markets were hit the most following news that Argentina is nationalizing private pension funds to protect retirees from the global financial crisis. Argentina's Merval stock index fell 17% today on top of yesterday's losses.
Reflecting fears of the global slowdown, crude fell $5 to $67 per barrel on NYMEX.
The euro fell again against the Dollar and the Yen on speculation the ECB will cut interest rates to spur economic activity.
On the bright side, there were more positive signs that the credit markets are easing. The three-month Libor fell 29 bps to 3.54%, although it is still highly elevated from year ago levels.
Apple (Nasdaq: AAPL) bucked the downtrend today after reporting better-than-expected results, rising 6%. Apple partner AT&T's (NYSE: T) earnings didn't fair so well, falling 7.6% as the high cost of the 3G iPhone subsides ate into results. Boeing (NYSE: BA) fell 7.5% as the mechanic strike digs into results. McDonald's (NYSE: MCD) reported solid results but its stock could not gain any traction, losing 1.7% on the session.
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