MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Decline Amid Greece, Fiscal Cliff Concerns; as investors speculated Greece’s bailout will be delayed and that President Barack Obama’s re-election endangers tax breaks for investors. The S&P 500 declined 1.2 percent to 1,377.51 at 4 p.m. New York time, dropping 3.6 percent in two days. The benchmark gauge for American equities retreated below its average price of the last 200 days of 1,380.71. The Dow Jones Industrial Average decreased 121.41 points, or 0.9 percent, to 12,811.32. Volume for exchange-listed stocks in the U.S. was 6.9 billion shares, or 15 percent above the three-month average.
European Stocks Drop as Carmakers Slide; as a selloff in auto manufacturers overshadowed results from Swiss Re Ltd. and Hermes International (RMS)SCA that beat analysts’ estimates. France’s CAC 40 retreated 0.1 percent. The U.K.’s FTSE 100 slid 0.3 percent and Germany’s DAX lost 0.4 percent.
Oil Rises From Four-Month Low After U.S. Jobless Claims; after fewer Americans than forecast filed claims for unemployment insurance and Greek lawmakers approved a package of austerity measures needed to unlock further financial aid. Futures rose 0.8 percent as the Labor Department said applications for jobless benefits fell by 8,000 to 355,000 last week. The Greek Parliament passed a bill on pension, wage and benefit cuts. Oil gave up some of its intraday gains as equities declined and the euro reached a two-month low versus the dollar. Crude oil for December delivery rose 65 cents to settle at $85.09 a barrel on the New York Mercantile Exchange. The contract dropped $4.27 yesterday to $84.44, the lowest settlement since July 10. Prices are down 14 percent this year.
Source:Jupiter Securities Research, 9 November 2012
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