US Stocks tumbled Tuesday after a key measure of consumer confidence plunged, reflecting investors' growing pessimism about the strength of the economic recovery.
The Dow Jones industrial average (INDU) lost 100 points, or 1%, according to early tallies. The 30-share Dow had lost as much as 115 points earlier. The S&P 500 index (SPX) lost 13 points, or 1.2%. The Nasdaq composite (COMP) fell 28 points, or 1.3%.
Analyst said "The bears and the bulls are in a tug of war, and today, the bears have the upper hand. that the consumer confidence number is one of the more forward-looking readings and is raising worries that the consumer -- already struggling in a battered labor market -- might pull back even more. Today it's a combo of a weak number and maybe needing to take a breather after the rally,"
LONDON - European and US stock exchanges fell hard on Tuesday in the wake of surprisingly weak economic data from the United States, France and Germany that dampened investor confidence.
Analysts also pointed to lingering unease about prospects for Greece, struggling with a debt and deficit crisis and hit again on Tuesday by a credit downgrade on its four largest banks from ratings agency Fitch.
The London FTSE 100 index shed 36.98 points, or 0.69 per cent, to close at 5,315.09.
FRANKFURT - The DAX 30 fell 84.37 points, or 1.48 per cent, to 5,604.07.
PARIS - The CAC 40 dropped 49.64 points, or 1.32 per cent, to 3,707.06.
Oil and other energy prices sank after job worries sent a monthly measurement of consumer confidence sharply lower. The Conference Board said its Consumer Confidence Index for February fell much more than expected as Americans became increasingly discouraged about job opportunities. Stocks and energy commodities dropped following the report.
Benchmark crude for April delivery lost $US1.45 to settle at $US78.86 a barrel on the New York Mercantile Exchange. Australian shares are expected to open lower after Wall Street indices were down overnight, and commodity prices fell.
At 0711 AEDT on the Sydney Futures Exchange, the March share price index contract was 51 points lower at 4,667. In economic news on Wednesday, the Australian Bureau of Statistics releases its labour price index for December and data on construction work done in the December quarter.
GOLD down $9.90 to US$1,103.20 an ounce SILVER down 33.4c to US$ 15.888 an ounce COPPER down 9.05c at US$3.216 a pound
Today's Financial Calendar February 24 2010
NZ inflation expectations, Q1 Australia Conference Board leading economic index, Dec Australia wage cost index, Dec EU new industrial orders, Dec US new home sales, Jan US Treasury 5-year note auction (US$42bn) Australia construction work done, Q4 Japan trade balance, Jan (AAX) - Full Year Results (ACL) - Interim Results (AIO) - Interim Results (AJA) - Interim Result (AMM) - Interim Results (APA) - Interim Results (AUI) - Ex-Div. 11.5c (AUN) - Full Year Results (BOL) - Interim Results (BPT) - Interim Results (CHC) - Interim Results (CRZ) - Interim Results (DUI) - Ex-Div. 6c (EHL) - Interim Results (ENE) - Interim Results (GMG) - Interim Results (HFA) - Interim Results (HGG) - Full Year Results (HST) - Interim results (IFN) - Interim Results (IRE) - Full Year Results (KCN) - Interim Results (KSC) - Interim Results (LCM) - Ex-Div. 2.75c (LGL) - Ex-Div. 1.5c (MCC) - Interim Results (MCP) - Interim Results (MOC) - Interim Results (MRE) - Full Year Results (MSL) - Interim Results (NMS) - Interim Results (NOD) - Interim Results (OAK) - Interim Results (PBG) - Interim Result (PTM) - Ex-Div. 8c (RIO) - Ex-Div. 51.56c (SDG) - Interim Results (SKE) - Interim Results (STO) - Ex-Div. 20c (SUN) - Interim Results (SWK) - Interim Results (TPI) - Interim Results (TRG) - Interim Results (TSE) - Interim Results (TSO) - Interim Results (VBA) - Interim Results (WOR) - Ex-Div. 35.5c (WPL) - Full Year Results
Here's the most dangerous habits to have as a trader or investor. If you rely on any of them, please be aware that share trading or investing probably won't work:
Only knowing how to make money in rising markets. If property prices fall you can lose money but if share prices fall traders can make money.
