Wall Street is relatively quiet today after yesterday’s 3.5 percent drop as economic fundamentals take a backseat to volatile investor emotions. The decline may have been worse had institutional buyers not stepped in to provide a bottom. U.S. leaders, including President Barack Obama and U.S. Treasury Secretary Tim Geithner have been pressuring European officials to be more proactive in dealing with its debt crisis, minimizing any uncertainty regarding the financial fates of Greece and other troubled economies like Italy, Portugal, Ireland and Spain that could fall victim to a domino effect. The delay stems from reluctance by Germany’s Chancellor Angela Merkel and French President Nicolas Sarkozy to spend their nations’ taxpayer money to bailout or quarantine ailing Greece. While stocks may have taken a break from the downturn, commodities are not as lucky. Gold prices have dropped 3 percent today to under $1,700 an ounce and silver has been hammered by over 12 percent to $32 an ounce. Oil prices dipped below $80 on fears that demand will shrink.
Major U.S. Stock Indices
DJIA: 10,707.53 (-0.25 percent)
S&P 500: 1,131.14 (+0.14 percent)
NASDAQ: 2,468.26 (+0.51 percent)
Russell 2000: 647.56 (+0.64 percent)
In other news:
- Shares of HP (HPQ) jumped when news leaked that Meg Whitman would replace Leo Apotheker as CEO, but are now down about 5 percent after the official announcement was made. [Marketwatch]
- Amazon (AMZN), who’s original Kindle launch had its thunder stolen by Apple’s (AAPL) tablet, is expected to be the best bet to produce a legitimate iPad-killer. [Bloomberg]
- General Electric (GE) legend Jack Welch says if the government wants to stimulate job growth, it should get out of the way and give businesses more incentives to invest in new ventures. [CNBC]
- Here’s one person’s 10 Commandments for crash. What are yours? [Business Insider]
- Wall Street braces for a brutal third quarter earnings season, but may also hold surprises. [The Street]
Check back as more news develops.
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