U.S. shares lower on Spanish deficit worries; DOW down 0.14%
Published Dec 30, 2011 12:00PM ET
In mid session trade, the Dow Jones Industrial Average gave back 0.14%, the S&P 500 dipped 0.05% and the Nasdaq Composite index flirted with break even, dropping 0.01%.
Concerning numbers from the Spanish budget deficit combined with fears of a Chinese slow down counteracted bullish domestic data.
Spain advised that its deficit will reach 8% of Gross Domestic Product this year. Analysts were estimating 6%.
Chinese official news agency Xinhua reported that the nation may face downside pressure despite growth will be greater than 9% in 2011, weighing on the equity market. Kevin Shacknofsky advised Bloomberg, " The U.S. economic data has been experiencing some bounce in the last quarter. The negative is still Europe, Spain's numbers show its very difficult to have strong economic performance while you are tying to deleverage."
Financial shares declined the most in 201l, losing 10% as a group this year. Today, Bank of America is down 0.4% to USD5.44 and JPMorgan gave back 0.6% to USD33.23.
Meanwhile, retailer Sears fell 1.2% to USD32.50 on a Fitch downgrade.
Material stocks were mostly higher with Freeport-McMoRan climbing 1.5% to USD37.07 and Hecla adding 1.7% to USD5.32
Across the Atlantic, European stock markets were moving higher in late trade. The EURO STOXX 50 advanced 0.97%, France's CAC 40 moved higher by 1.03%, Germany's DAX gained 0.86%, while Britain's FTSE 100 added 1.22%.
Trade is light on the final trading day of the year.
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Written By: Investing.com
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