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Global Markets Overview – 05/09/2012
Daniel Goodman / Business

FROM MORRISON SECURITIES PTY. LTD:

U.S. STOCK MARKETS

The Dow industrials fell a fifth straight day as jitters over political uncertainty in Greece outweighed a rise in U.S. small-business confidence.

The Dow Jones Industrial Average slid 76.44 points, or 0.6%, to 12932.09, extending its retreat from last week’s four-year closing high. The Standard & Poor’s 500-stock index shed 5.86 points, or 0.4%, to 1363.72, its lowest close in nearly a month.

Consumer-discretionary and financial shares led declines across eight of the index’s 10 sectors. The utilities and health care sectors, typically seen as defensive, rose. Index component Fossil plunged 38% after the watch company cut its 2012 financial targets and reported lower-than-expected first-quarter sales amid soft European demand.

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The Nasdaq Composite lost 11.49 points, or 0.4%, to 2946.27, paring losses after touching its lowest intraday level since February. 

Talks among Greece’s leading political parties to form a new coalition government languished, meaning new elections may have to be held. That raised fears the country may not be able to implement agreed budget cuts and reforms it must take in order to secure bailout funds.

Source: Avid Investor Group

EconMatters, et. al. EconMatters Global
Digital Text Feeds (EconMatters, et. al.)

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