daytrades may 6 pre-market, page-14

Good Morning,

US Stocks extended losses to end sharply lower Wednesday, amid more signs of a deepening crisis in Europe.

Moody's said it was considering a downgrade of Portugal's debt, while three people were reported dead due to riots in Greece.

The Dow Jones industrial average (INDU) lost 60 points, or 0.6%, to end at 10,866.83. The blue-chip index had fallen more than 100 points earlier in the trading day.

The S&P 500 index (SPX) fell 8 points, or 0.7%, to close at 1,165.87. The Nasdaq composite (COMP) was down 22 points, or 0.9%, to settle at 2,402.29.

Analyst said "This steep drop was probably more of an overreaction to the uncertainty. We might be in for more downward pressure, but if you look past all of the noise that's out there now the U.S. is well-positioned."

LONDON - European stock markets wilted on Wednesday under pressure from the Greek debt crisis.

The London FTSE 100 closed down 69.18 points, or 1.28 per cent at 5,341.93 points.

FRANKFURT - The DAX 30 closed down 48.41 points, or 0.81 per cent, at 5,958.45 points.

PARIS - The CAC 40 index closed down 53.26 or 1.44 per cent, at 3,636.03 points.

Oil prices slumped again on Wednesday after the euro hit a fresh one-year low against the US dollar amid worries about debt-laden Greece.

The market also took a hit following news of a larger-than-expected rise in US oil inventories, which appeared to indicate weakening demand in the world's biggest energy consuming nation.

New York's main contract, light sweet crude for June, dropped $US2.77 to settle at $US79.97 a barrel. It has lost $US6.22 in the past two days.

The Australian stock market is expected to open lower, after a negative finish on Wall Street and weaker commodities prices during the offshore session.

At 0703 AEST on the Sydney Futures Exchange, the June share price index contract was 54 points lower at 4,637 points, on a volume of 8,413 contracts.

In economics news on Thursday, the Australian Bureau of Statistics was due to release the balance of goods and services data for March and retail sales figures for the same month.

The Australian Office of Financial Management was scheduled to auction $1.2 billion of short-term Treasury notes.
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GOLD up $5.80 to US$1,175.00 an ounce
SILVER down 30.8c to US$ 17.534 an ounce
COPPER down 2.7c at US$3.1515 a pound

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

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