Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us


Grab your $30 from XM

Top Stories
by ForexNewsNow Team on July 16, 2010

Wall Street slumps in wake of earnings, U.S. data

stock tips stock info trading news stock tradingNEW YORK (Forex News Now) – U.S. stock markets slumped on Friday, in the wake of weak earnings reports and worse-than-expected U.S. economic data.

The Dow Jones Industrial Average dropped 261..4 points, or 2.52 percent, to 10,098; the Nasdaq Composite fell 70 points, or 3.11 percent, to 2,179; and the Standard & Poor’s 500 slid 31.6 points, or 2.88 percent, to 1,065.

Earlier Friday, Citigroup Inc. posted poor second quarter results, as did Bank of America Corp., which reported a loss in its mortgage business and a falloff in Wall Street trading profits.

Treasury Department data showed earlier in the day that global demand for long-term U.S. financial assets slowed in May, as foreign central banks reduced their holdings of Treasury bills and investors abroad sold stocks.

A report on U.S. consumer confidence also weighed on investor sentiment.

Comments (0 comment(s))