U.S. equities plunge amid European debt problems
Friday, November 04, 2011
On November 4, U.S. equity indices experienced their first weekly losses since September amid Greece's debt problems. A mildly positive U.S. jobs report provided some boost to investor sentiment, but reminded market observers of the slowness of the current recovery, Agence France-Presse (AFP) reports.
The S&P 500 index lost 0.6 percent to reach 1253.23, which ended its four-week winning streak, according to The Wall Street Journal. The Dow Jones Industrial Average depreciated 0.5 percent to 11983.24, ending a five-week winning streak.
This reverse in direction was interpreted by AFP as being the result of European debt turmoil
"The markets want to move higher, but the issues in Europe are a constant overhang," Reed Choate, portfolio manager at Neville, Rodie and Shaw, which is responsible for managing $1.2 billion in assets, told The Wall Street Journal. "Clarity may not come until as early as next year, let alone next week."
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