Stocks Recover From Heavy, Early Losses
After briefly turning
positive, the major averages have moved back down to close lower.
Weakness among gold, networking, and biotechnology stocks
contributed to the pullback.
The slight mid-day rebound
by the major averages came as some better than expected
manufacturing sector data inspired some traders to go bargain
hunting following the initial weakness.
Crude prices continued higher in
today’s session closing up 0.3% to $62.00 per barrel. Higher
U.S. fuel demand and upcoming sanctions against Iran are
contributing to the higher price of crude. Gold futures for
April delivery dropped 1.1% to $665.10 an ounce.
The European markets fell
for the third consecutive day on Thursday, extending a slump that
was triggered by a plunge in the Chinese stock markets on Tuesday.
However, the benchmarks
pared some of their losses after stronger than expected U.S.
manufacturing data helped alleviate global economic and foreign
exchange worries.
Around Europe, the U.K.’s
FTSE 100 index fell 0.98% to 6,116.00, while France’s CAC 40
slipped 1.05% to 5,458.40 and Germany’s DAX index dropped 1.12% to
6,640.24.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com