Bull Run Ends, India’s Rate Increase, Stocks Fall
This quadruple witching day lived up to its moniker with stocks ending their multi-day winning streak. The session was rocked by an interest rate increase in India, domestic rate increase fears and renewed concerns about the stability of Greece. Alan Greenspan did not help matters with his spewing of economically bearish rhetoric. The DJIA, led lower by 3M Co and International Business Machines, gave back -37.19 to 10741.98, the tech heavy Nasdaq dropped -16.87 to 2374.41 and the broad based S&P 500 fell -5.93 to 1159.90.
^PALM^: Plummeted 29.16% or $1.65 to $4.00/share on revenue warnings falling.
^MRK^: A warning about its Zocar drug sent shares lower by 1.01% or 39 cents to $38.06.
^DTV^: A downgrade at Citigroup caused shares to slip 3.41% or $1.18 to $33.42.
^CERN^: Is replacing BJ Services in the S&P 500 inexplicitly falling 0.29% or 25 cents to $87.19/share on the news.
Oil gave back $1.56 to $80.64, gold dropped $21.60 to $1106.70 and the fear index VIX eased higher by 2.11% to 16.97.
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