“U.S. stocks tumbled Tuesday in a broad decline that pushed the Dow Jones Industrial Average below 11000 as concerns grew about Europe’s ability to contain a financial crisis,” Kristina Peterson and Donna Kardos Yesalavich report for The Wall Street Journal.Tuesday marks the Dow’s fifth day of triple-digit moves in six sessions. The measure is now at its lowest since April 8 and is on pace for its second-biggest one-day drop this year.”
“The Nasdaq Composite dropped 3.2% and the Standard & Poor’s 500 index was off 2.5%, with all of its sectors in the red, led by energy and industrials,” Peterson and Yesalavich report. “The broad drop follows a decline in European markets that showed a lack of confidence in the Greek bailout package. The euro fell to a 12-month low against the dollar as doubt surged over whether the Greek government can carry out the strict austerity measures required in the aid package. ‘Today, the concern yet again is the euro zone and debt worries with the Greek bailout package, that it might make it harder for the EU to rescue any other countries that are working their way toward trouble,’ said Elizabeth Miller, president of Summit Place Financial Advisors. ‘There’s certainly a big focus on Portugal and Spain.'”
“The market has fluctuated in recent days between relief over the package and skepticism over whether it will be enough to stop Greece’s debt issues from spreading,” Peterson and Yesalavich report. “Ms. Miller expects investors to remain fickle for some time as they struggle to assess the state of the euro-zone debt issues, whether they can be contained, and how much has been priced in.”
Peterson and Yesalavich report, “Apple fell 3.3%. U.S. antitrust enforcers are taking a keen interest in recent changes that the company made to its licensing agreement with iPhone application developers and are likely to open a preliminary investigation into whether the company’s actions stifle competition in mobile devices, according to people familiar with the situation.”
Full article here.
MacDailyNews Note: Apple is currently down $7.53, -2.83%, to $258.82.