Market Overview

Europe Worries, Intel Guidance Weigh on Stocks; Dow Off 162

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The stock market fell on Monday in the wake of continuing fears over the European sovereign debt crisis. Also weighing on investor sentiment was an announcement from leading chip-maker Intel (NASDAQ: INTC) that it was lowering its fourth quarter revenue guidance.

The Dow spent most of Monday's trading session down more than 200 points, but a late day rally limited the damage to 162 points with the Dow breaking back above 12,000 to close at 12,021. The widely watched blue-chip index traded in a range between 11,940 and 12,181.

The SPDR S&P 500 ETF (NYSE: SPY) lost 1.42% to $124.24. Volume was below average with around 206 million SPY shares trading hands compared to a 3-month daily average of 262 million.

The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, fell 1.12% to $56.38. Volume was also light in the Q's with just 54 million shares trading hands compared to a 3-month daily average of 71 million.

Crude oil followed stocks lower on the session. At last check, NYMEX crude futures had lost 1.39% to $98.03 while ICE Brent contracts were down 1.22% to $107.30. The United States Oil Fund ETF (NYSE: USO) shed 1.61% to $37.88 on the New York Stocks Exchange.

Gold also had a bad day. COMEX gold futures were trading down 2.69% to $1,670.70 at last check. The SPDR Gold Trust ETF lost 2.66% to $161.97 while COMEX silver futures registered a decline of 2.68% and were last trading at $31.39.

Treasuries were in demand on the day as investors moved out of riskier assets. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) added 1.10% to $118.01. The yield on the 10-Year Note fell 4.7 basis points to 2.01%.

The U.S. Dollar rallied sharply amid the risk off atmosphere. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, jumped 1.04% to $22.35. The closely watched EUR/USD pair was last trading at $1.3187, a decline of 1.18%.

Posted-In: Bonds Broad U.S. Equity ETFs Futures Commodities Currency ETFs Forex Intraday Update Markets

 

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