Markets Slide on Economic Worries
U.S. stocks closed lower today as
housing worries continue to mount and consumer confidence numbers
came in lower than expected. Homebuilder Lennar
(
LEN |
Quote |
Chart |
News |
PowerRating)
reported first quarter earnings that came in 73% lower than last
year.
May Crude futures closed
fractionally higher to $62.97. Gold futures for April delivery
closed down by $1.40 to $662.50 an ounce.
Around Europe, the DAX
gained 0.4% to 6,858.34, Paris’ CAC 40 gained 0.2% to 5,587.06,
and the FTSE 100 index finished the day flat.
The
PowerRatings
Heat Maps*
from Monday’s close is showing action that has historically led to weakness with
the Energy and Metals and Mining sectors looking the most
vulnerable. Goldcorp
(
GG |
Quote |
Chart |
News |
PowerRating) is one of the major metals and mining
stocks that has moved to the downside. It has a PowerRating
of 3 and closed lower by over 1%.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com