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US stocks plummet on Italian fear
Source: Xinhua |
November 10, 2011, Thursday
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Online Edition
Online Edition
THE US stocks tumbled yesterday with all three major indices closing broadly lower, as fear over the Italian debt crisis dominated the markets.
The Dow Jones industrial average lost 389.24 points, or 3.20 percent, to 11,780.94. The Standard & Poor's 500 dropped 46.82 points, or 3.67 percent, to 1229.10. The Nasdaq Composite Index fell 105.84 points, or 3.88 percent, to 2621.65.
Although the news that Italian Prime Minister Silvio Berlusconi will resign helped support the markets on Tuesday, the optimism had quickly gone as investors feared the Italian uncertain future.
The yield of Italian 10-year government bonds has surged past the critical 7 percent mark, which was widely seen as unsustainable. It is also reported that the European Central Bank began to buy Italian bonds in an effort to avert crisis for Italy and the euro zone.
Meanwhile, European Union officials said that they have no plans in place for a financial bailout of Italy, raising doubts that Italy could avert deepening debt crisis by its own ability.
The fear over Italy and euro zone triggered huge sell-off in stock market yesterday as Dow Jones Industrial Average shed more than 400 points in the afternoon trading session.
Amid all the uncertainty in Italy, China's October economic data came as a relief. The country's Consumer Price Index slowed by the most in almost three years to an annualized 5.5 percent in Oct. from 6.1 percent in September.
The figure eased investors' concerns about China's inflation and also raised expectations of further easing monetary policy which will stimulate the economic growth.
The Dow Jones industrial average lost 389.24 points, or 3.20 percent, to 11,780.94. The Standard & Poor's 500 dropped 46.82 points, or 3.67 percent, to 1229.10. The Nasdaq Composite Index fell 105.84 points, or 3.88 percent, to 2621.65.
Although the news that Italian Prime Minister Silvio Berlusconi will resign helped support the markets on Tuesday, the optimism had quickly gone as investors feared the Italian uncertain future.
The yield of Italian 10-year government bonds has surged past the critical 7 percent mark, which was widely seen as unsustainable. It is also reported that the European Central Bank began to buy Italian bonds in an effort to avert crisis for Italy and the euro zone.
Meanwhile, European Union officials said that they have no plans in place for a financial bailout of Italy, raising doubts that Italy could avert deepening debt crisis by its own ability.
The fear over Italy and euro zone triggered huge sell-off in stock market yesterday as Dow Jones Industrial Average shed more than 400 points in the afternoon trading session.
Amid all the uncertainty in Italy, China's October economic data came as a relief. The country's Consumer Price Index slowed by the most in almost three years to an annualized 5.5 percent in Oct. from 6.1 percent in September.
The figure eased investors' concerns about China's inflation and also raised expectations of further easing monetary policy which will stimulate the economic growth.
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