Fundamentals, US Markets
US Stocks Fall On Global Economic Concerns
Monday, 31 Aug 2009 6:41 EDT at 18:41 by CFDTrading Analyst · Leave a Comment
US Session Key Developments
- Asian, European Stocks Fall After Slowdown In China Lending
- Commodities Tumble On Market Risk Aversion
US Stocks followed losses seen in Asian and European sessions amid concern the global rally in equities has outpaced economic fundamentals needed for a true recovery. China stocks led the decline as the Shanghai Composite Index plummeted 6.7%, the most since June 2008, on worries that a slowdown in lending will weigh on growth. China and the US are very economically linked with China as the largest manufacturer of goods and the US being the biggest purchaser. Commodities fell as copper slid the most in two months and crude oil fell below $70 a barrel.
DOW 30 9496.28 -47.92 -0.50%
Exxon Mobil Corp fell 1.38% as investors sold off oil pushing prices below $70 a barrel. Alcoa Inc suffered during the today’s session declining 3.6% during a broad selloff in commodities. Alcoa has been suffered recently with a downgrade from Goldman Sachs and prospects for performance looking weak.
SPX 500 1020.62 -8.31 -0.81%
Commodity companies led falls with Freeport-McMoran Copper & Gold and Exxon Mobil Corp tumbling throughout the session. American International Group Inc, fell 9.8% as recent gains caused investors to worry if the stock is overvalued. Morgan Stanley fell as a Bank of America analyst downgraded the financial giant noting rising compensation costs.
NAS 100 2009.06 -19.71 -0.97%
Apple Inc fell 1.08% after it released Snow Leopard, a upgrade to the Leopard Operating System for a meager $30. The tech giant announced a deal with China Unicom Ltd. to sell iPhones in China starting later this year, bringing the device to the world’s largest mobile market for the first time.
