Monday, May 31, 2010

Pre-Market Updates

US stocks fell last Friday as Fitch Ratings stripped Spain of its AAA credit rating. In addition, energy shares sank on President Barack Obama’s moratorium on new deepwater drilling permits after BP’s efforts to contain the oil spill failed. The Institute for Supply Management-Chicago Inc. said its business barometer fell to 59.7this month from 63.8 in April, missing the estimate of 61 by 57 economists in a Bloomberg News survey. However, figures greater than 50 still signal expansion.

Nikkei 225 also opened lower after the country’s industrial production increased less than economists forecast in April. Based on a report released by Trade Ministry this morning, factory output rose 1.3% from March, when it gained 1.2%. According to Bloomberg survey, the median estimate of 26 economists was for a 2.5% increase.

DJI finished down 122 pts, 1.2%, to 10,137.
S&P500 was off 14 points, 1.2%, to 1,089.
Nasdaq fell 21 pts, 0.9%, to 2,257.

The Dow was down 7.9% for the month. The S&P 500 was off 8.2%.
The Nasdaq fell 8.3%, its worst loss since November 2008.

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