EDT at 15:29 on November 11 (Beijing time at 4:29 on November 12), the Dow Jones Industrial Average fell 98.77 points to 11,258.27 points, down 0.87%; the Nasdaq composite index fell 26.33 points to 2,552.45 points, or 1.02%; Standard & Poor's 500 index fell 7.03 points to 1,211.68 points, down 0.58%.
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Ireland, Portugal and Spain, the cost of a record debt default guarantee, to rekindle the market for the euro area worry about the risk of sovereign debt crises.
Internet equipment giant Cisco Systems (CSCO) shares led the declines of 16% decline in the Dow, and all the spit out all the gains the past two months. The company said first-quarter profit rose 8%, but warned that future revenue growth will slow, especially cable operators and government agencies will reduce the number of orders. Cisco 16% decline in market value that evaporated 240 million.
Cisco's warning that Microsoft (MSFT), Hewlett-Packard (HPQ), IBM and Intel (INTC) and other Dow stocks generally affected. Today IBM, Boeing (BA) and Cisco and other three companies fall, the Dow decline in weight accounted for about 70%.
SICA Wealth Management chief investment officer, president and chief Jeffrey - West (Jeffrey Sica) says, "a major issue this warning technology giant, very worried about the whole market, Cisco's revenue to know there are large part from the export. "West pointed out that long, exports of U.S. companies are considered an important source of earnings growth. He said, "Cisco's outlook for the stock market shock."
But Cisco's gloomy outlook, the company recently released its peer optimism contradictory. Last month, IBM raised its full-year outlook the company, Motorola (MOT) said it expects fourth-quarter government spending in the public network will continue to grow.
Investors pay close attention to be held in Seoul, Korea G20 meeting. Leaders of the participating countries close to reaching an agreement to solve many different problems, but may not be the end of the foreign exchange and trade policy in international tensions.
China on Thursday announced the October inflation rate and the amount of new bank loans are higher than expected. The data raise doubts, the Chinese government can achieve the project aims to control the risk of huge importance to stimulate economic goals.
Continuing problems that the euro zone sovereign debt in Europe weighed on stocks Thursday. Since some euro-zone countries with poor financial situation of the sovereign debt renewed fears the euro against the U.S. dollar continued to fall.
Thursday, Portugal, Ireland and Spain, government bonds provide a new record high cost of security breach, lively show that the market outside the euro zone countries on these financial constraints how worried.
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