U.S. stocks fell, following the biggest weekly rally in the Standard & Poor’s 500 Index this year, as optimism over Spain’s bailout plan gave way to skepticism it will succeed in halting the debt crisis.
Traders work at the New York Stock Exchange. Photographer: Scott Eells/Bloomberg
June 11 (Bloomberg) — Scott Sutherland, an analyst at Wedbush Securities Inc., talks about Apple Inc.’s World Wide Developers Conference, the outlook for the company’s shares and its products. Sutherland speaks with Scarlet Fu on Bloomberg Television’s “InBusiness.” (Source: Bloomberg)
Equities extended losses as Apple Inc. (AAPL), the world’s most valuable company, slumped 1.6 percent after updating its MacBook line of laptops and announcing new iPhone features.Bank of America Corp. (BAC) and Morgan Stanley slid at least 2.4 percent. AK Steel Holding Corp. lost 14 percent as Goldman Sachs Group Inc. said there is “no relief in sight” for a drop in the metal.
The S&P 500 fell 1.3 percent to 1,308.93 at 4 p.m. New Yorktime, after futures on the index surged as much as 1.5 percent following Spain’s request. It climbed 3.7 percent last week. TheDow Jones Industrial Average lost 142.97 points, or 1.1 percent, to 12,411.23. The Russell 2000 Index of small companies slid 2.4 percent. The Nasdaq Composite Index lost 1.7 percent. Trading volume for exchange-listed stocks in the U.S. was about 6.1 billion shares, 9.5 percent below the three-month average.
“The uncertainty remains,” John Carey, who helps oversee about $220 billion at Pioneer Investments in Boston, said in a telephone interview. “People are looking at the Spanish action as the first of what might be a number of steps or just a partial response to the needs of Europe’s debt crisis.”
Courtesy of Bloomberg.com