U.S. Stocks Plunge Amid Jobless Claims and Global Economic Concerns

Strategic Insights -

U.S. stocks opened higher on the morning, only to quickly plummet as jobless claims rose unexpectedly, coupled with Citigroup Inc. and UBS AG's negative outlook for the global economy. The Dow Jones Industrial Average (DJIA) suffered a 0.55% loss, while the S&P 500 index declined by 0.43%. Apple Inc. sank 1.70% as CEO Steve Jobs resigned due to his battle with cancer. On the other hand, Bank of America Corp soared 13.66% after Warren Buffet's Berkshire Hathaway Inc. invested $5 billion in the bank. The Dollar index reached 74.07, its highest level at 74.11, while gold prices dropped to $1733.68, and oil declined to $83.66 per barrel.

Key Takeaways:

  • U.S. stocks opened higher only to plummet as jobless claims rose unexpectedly.
  • Citigroup Inc. and UBS AG assigned a negative outlook for the global economy.
  • The Dow Jones Industrial Average (DJIA) declined by 62.74 points or 0.55% at 10:05 New York time, reaching 11257.97 levels.
  • The S&P 500 index dropped by 5.03 points or 0.43% to trade at 1172.287.
  • Apple Inc. sank 1.70% as CEO Steve Jobs resigned due to his battle with cancer.
  • Bank of America Corp soared 13.66% after Warren Buffet's Berkshire Hathaway Inc. invested $5 billion in the bank.
  • The Dollar index reached 74.07, its highest level at 74.11.
  • Gold prices dropped to $1733.68.
  • Oil declined to $83.66 per barrel.
  • The NASDAQ Composite index traded at 2448.53 levels, declining by 19.16 points or 0.78%.

Statistics:

  • Jobless claims rose unexpectedly.
  • The DJIA declined by 62.74 points or 0.55% at 10:05 New York time.
  • The S&P 500 index dropped by 5.03 points or 0.43%.
  • Apple Inc. declined by 1.70%.
  • Bank of America Corp soared by 13.66%.
  • Warren Buffet's Berkshire Hathaway Inc. invested $5 billion in Bank of America Corp.
  • The Dollar index reached 74.07, its highest level at 74.11.
  • Gold prices dropped to $1733.68.
  • Oil declined to $83.66 per barrel.

Sources:

  • ecPulse.com
  • Syndigate.info
  • Albawaba.com