US stocks retreat after short relief rallyJune 12th, 2012 - 1:19 am ICT by IANS
New York, June 11 (IANS) US stocks retreated after a short rally Monday as enthusiasm on the Spanish bank aid package faded.
Spain will be lent up to 100 billion euros ($126 billion) to rescue its banking system, Xinhua reported.
The size of aid package was larger than previously expected and spurred a relief rally in equity markets around the world.
However, enthusiasm soon faded amid concerns about the details of the bailout and skepticism that any fundamental issues really have been solved.
At the same time, investors also worried that Italy, whose banking system has been suffering from short of money, will be the next domino falling apart.
Meanwhile, the upcoming Greece election also kept a lid on the market. If the party against the current austerity plan wins the voters, the debt-ridden country may have to exit from the euro zone and cause more turbulence in the global financial markets.
In midday trading, the Dow Jones industrial average fell 36.67 points, or 0.29 percent, at 12,517.53. The Standard & Poor’s 500 was down 3.11 points, or 0.23 percent, to 1,322.55. The Nasdaq Composite Index dropped 10.17 points, or 0.36 percent, to 2,848.25.
- Sensex rallies past 18,000, closes 353 points up (Roundup) - Feb 15, 2012
- Wall Street flat as investors weigh US data, Europe - Jan 05, 2012
- Sensex rallies 226 points on European cues (Roundup) - Jul 10, 2012
- US stocks mixed amid euro uncertainties - Jun 12, 2012
- Sensex closes 128 points down, BHEL, ICICI Bank shares hit (Roundup) - Sep 05, 2012
- Sensex dull in early trade - Jan 13, 2011
- Indian equities markets trading listless - Jun 22, 2011
- US stocks end higher amid European optimism (Lead) - Jan 13, 2012
- Sensex closes flat, broader markets end in red (Roundup) - Jun 22, 2011
- Sensex closes 84 points up ahead of rate review, budget (Roundup) - Mar 12, 2012
- Sensex closes quiet as GDP numbers disappoint (Roundup) - Feb 29, 2012
- Sensex rises 111 points, auto and banking stocks up - Jul 10, 2012
- Sensex dull in afternoon trade (Lead) - Apr 06, 2011
- Sensex climbs 191 points on positive global cues (Roundup) - Mar 16, 2011
- Sensex closes 61 points up; metal, power stocks rise (Roundup) - Jun 27, 2012
Tags: amp, austerity, bailout, banking system, domino, dow jones, dow jones industrial, dow jones industrial average, euro zone, fundamental issues, global financial markets, midday trading, nasdaq composite index, rally, s 500, skepticism, spanish bank, time investors, turbulence, xinhua