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US stocks drop for sixth straight day
Thursday, May 10, 2012
According to a May 9 report from Bloomberg, the Dow Jones Industrial Average dropped for a sixth consecutive day due in part to political turmoil in Greece.
The sixth straight day of declines marks the longest slump since August, with the political impasse in Greece raising concern about the European sovereign debt crisis possibly getting worse, the news source stated.
“There’s something to worry about here,” James Dunigan, chief investment officer for PNC Wealth Management, told the news source. “We expected there would be flare-ups again in Europe. People were scratching their heads why they didn’t show up a little sooner. Certainly the odds of a default and an exit from the euro have increased.”
The S and P 500 dropped 0.6 percent to $1,356.25 as of 11:30 a.m. Eastern time, which trimmed a decline of 1.5 percent.
A separate report from Bloomberg revealed that Dole Food Company could reap nearly 60 percent for shareholders by breaking up.
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