Stocks Spiral Down, China Restricts Lending, Big Names Disappoint
Stocks spiraled downward today but closed well off the session lows. International worries of China further restricting lending combined with disappointing earnings from big name stocks, International Business Machines and Morgan Stanley triggered the sell off. The U.S. dollar hit a five month high due to Chinese worries while commodities sunk. The Dow gave back -122.28 to 10603.15, the Nasdaq dropped -29.15 to 2291.25 and the S&P 500 fell -12.19 to 1138.04.
^EAT^: Owner of the excellent dining chain, Chili’s Grill & Bar fought the days downtrend, climbing after beating analyst’s second quarter profit estimates.
^BAC^: Advanced after it was revealed that its credit loss provisional funds had declined, signaling potential improvement.
^IBM^: Fell after stating its business consulting revenue dropped.
^NEM^: Dropped after the mining sector took a hit from falling copper prices and Chinese recovery concerns.
Oil gave back $1.66 to $77.36, gold fell 27.00 to $1113.00 and the VIX index roared to life climbing 6.14% to 18.66.
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