Stocks Fell Sharply, Extending Selloff
- Tuesday, April 10, 2012, 17:00
- Stock Market
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U.S. stocks ended sharply lower on Tuesday as ongoing economic concerns sent traders dashing out of equities. The Dow Jones Industrial Average lost 213.66 points, or 1.65%, to 12,715.93. The S&P 500 fell 23.61 points, or 1.71%, to 1,358.59. For both, it was the fifth straight session of losses. The Nasdaq Composite fell 55.86 points, or 1.83%, to 2,991.22, its first close below 3,000 in nearly a month.
Alcoa reported first quarter results that topped expectations on both the top and bottom lines as revenue surged to a record high, the company said this afternoon. Net income sharply beat estimates at $105 million, or $0.10 per share. Revenue also topped expectations, up nine percent year-on-year to $6.0 billion even as realized aluminum prices declined.
As Best Buy Co. moves on without its 28-year veteran and Chief Executive Brian Dunn, the search for a new boss in the midst of company restructuring has left investors with more concerns about the struggling retailer.
Treasury prices rose for a fifth session on Tuesday, pushing 10-year yields below 2% for the first time in a month, as Spanish debt sold off, reviving worries about Europe’s sovereign debt problems. Yields on 10-year notes fell 6 basis points to 1.99%, after touching 1.97% intraday.
Crude-oil futures ended 1.4% lower on Tuesday. Crude for May delivery retreated $1.44 to end at $101.02 a barrel on the New York Mercantile Exchange, extending losses to a second day and settling at its lowest since February.
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