Market Volatility: European Debt Worries Weigh on Wall Street

European debt concerns dominated Wall Street, with tech and financial sectors feeling the pinch. The strengthening US dollar sent oil and most commodities lower, while gold sought safe-haven status. Key players like Apple, Intel, and Google suffered losses, while gold and oil funds saw mixed results.

Key Takeaways:

• The S&P 500 ETF (SPY) declined by 1.26%, with other major indexes following suit.
• Technology shares, including Apple (AAPL), Intel (INTC), Microsoft (MSFT), and Cisco (CSCO), fell, with Apple down 0.58% and Intel down 1.42%.
• Financial Select Sector SPDR (XLF) dropped by 1.11%, with Bank of America (BAC) and Citi (C) declining by 1.3% and 1.88%, respectively.
• Gold and gold mining funds saw mixed results, with SPDR Gold Shares (GLD) rising by 0.11% and Market Vectors Gold Miners (GDX) falling by 1.08%.
• The United States Oil Fund (USO) fell by 2.53%, while the United States Natural Gas Fund (UNG) rose by 1.55%.
• Crude oil prices dropped by 2.5% to $97.60 per barrel.

Statistics:

• The S&P 500 ETF (SPY) declined by 1.26% at mid-day.
• Apple (AAPL) fell by 0.58% to $336.91.
• Intel (INTC) dropped by 1.42% to $21.56.
• Gold prices rose by $6 to $1,514 per ounce.
• Crude oil prices fell by 2.5% to $97.60 per barrel.

Sources:

• MidnightTrader via COMTEX
• Comtex SmarTrend Alert (05-16-2011 for AAPL @ $336.91)
• Comtex SmarTrend Alert (01-25-2011 for BAC @ $13.62)
• Comtex SmarTrend Alert (05-12-2011 for C @ $42.04)
• MidnightTrader.com (Copyright 2011)
• Comtex News Network, Inc. (Copyright 2004-2011)