U.S. Stocks Lower Again As Eurozone Problems Won't Go Away
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U.S stocks are weak again today as European debt contagion concerns continue to penetrate investors' psyche despite the nearly trillion dollar EU bailout.
The Dow is down 192 points, the Nasdaq is down 59 and the S&P 500 is down 25 points.
Illustrating the European concerns, the blue-chip EURO STOXX 50 dropped 5% and the Euro continued to plunge versus the dollar. The euro last traded at $1.239, down 1.1%.
Gold, which was at record highs earlier, is now slightly lower to $1227.40. It traded as high as $1249.70 earlier.
The CBOE volatility index is up nearly 22% to $32.50.
The U.S. sell-off is coming despite positive economic data. Retail sales in April rose 0.4%, above the consensus of 0.2% rise. Industrial production for April came in at 0.8%, versus the consensus of 0.7%, and capacity utilization was at 73.7%. In addition, the University of Michigan consumer confidence index for May came in at 73.3, versus the consensus of 73.5. Business inventories for the month of March come in at 0.4%, inline with the economist estimate.
The Dow is down 192 points, the Nasdaq is down 59 and the S&P 500 is down 25 points.
Illustrating the European concerns, the blue-chip EURO STOXX 50 dropped 5% and the Euro continued to plunge versus the dollar. The euro last traded at $1.239, down 1.1%.
Gold, which was at record highs earlier, is now slightly lower to $1227.40. It traded as high as $1249.70 earlier.
The CBOE volatility index is up nearly 22% to $32.50.
The U.S. sell-off is coming despite positive economic data. Retail sales in April rose 0.4%, above the consensus of 0.2% rise. Industrial production for April came in at 0.8%, versus the consensus of 0.7%, and capacity utilization was at 73.7%. In addition, the University of Michigan consumer confidence index for May came in at 73.3, versus the consensus of 73.5. Business inventories for the month of March come in at 0.4%, inline with the economist estimate.
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