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US stocks extend losses into a third day

By FXstreet.com,  July 24, 2012, 10:32:00 AM EDT

FXstreet.com (Córdoba) - US stocks extended losses into a third session on Tuesday as investors remained focused on European woes while weaker-than-expected domestic data and UPS cutting its outlook weighed on sentiment.

The Dow Jones industrial average dropped 91 points, or 0.72%, to 12,630. The Standard & Poor's 500 fell 9 points, or 0.68%, to 1,341. The Nasdaq Composite Index lost 14 points, or 0.49%, to 2,876.

In the macroeconomic domain, the Markit Economics' preliminary July reading showed the US manufacturing sector is barely expanding this month. Meanwhile, a reading on manufacturing activity in the Richmond area slumped to -17 points in July versus a flat reading expected.

On the other hand, May housing price index rose 0.8% in May, surpassing expectations of a 0.6% rise.

European markets edged lower European, with the Stoxx Europe 600 down 0.1%, after discouraging manufacturing data and Moody's put Germany, Netherlands and Luxembourg on negative ratings watch.

The Spain's Ibex 35 is leading losses in the region, down 3.3% as Spanish 10-year yields reached yet another record high above 7.6% on Tuesday.

Gold was nearly flat at $1578 an ounce, while crude-oil futures rose 0.2% to $88.32 a barrel after losing 4% on Monday.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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