Author Topic: Update U.S. Stock Market Nov 23 2010  (Read 530 times)

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Update U.S. Stock Market Nov 23 2010
« on: November 23, 2010, 09:14:53 AM »
U.S. stocks ended mixed on Monday after Ireland formally requested a bailout as contagious fears were still lingering in the market.

The Dow Jones industrial average tumbled about 150 points in morning trading after an EU source said a total of 80 billion to 90 billion euros might not be enough to backstop Irish banks or stop similar runs on assets in heavily indebted countries.

Ireland, whose debt problems weighed on the market in past weeks, asked European Unions for loans during weekend, once giving a boost to the euro. However, enthusiasm about the deal soon melted away as investors once again focused on other stressed euro- zone countries, such as Spain and Portugal.

Meanwhile, financial stocks were under great pressure after FBI raided some investment firms, seeking documents related to hedge fund inside trading.

Goldman Sachs was one of the S&P 500's biggest losers, with shares tumbling 3.37 percent on a report over the weekend that investigators are looking at possible insider trading allegations tied to the firm's dealings in transactions including a health- care merger.

The Nasdaq composite managed to finish in positive area. Computer giant Hewlett-Packard released its results for the fiscal fourth quarter ended October after the market closed, which topped Wall Street estimates. - source: PNA

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