U.S. stocks fall on U.S. and European debt concerns
Friday, November 18, 2011
U.S. stocks fell on November 17 as debt problems in the United States and Europe undermined investor sentiment.
The S and P fell as much as 3.7 percent to around 1,229.10 before paring its losses to 1,216.13, Bloomberg reports. The value of the index sank below its 100-day average. The Dow Jones Industrial Average lost 1.13 percent to reach 11,770.73, according to The Wall Street Journal.
Stocks dropped after a European official told Reuters that the European Financial Stability Facility does not have plans to assist Italy, Bloomberg reports.
"It’s a risk-off day," Michael Shaoul, chairman of Marketfield Asset Management in New York, which oversees $1 billion, told the media outlet in a telephone interview. "There’s a lot of liquidation in the commodity space. You have the obvious story of European yields. The supercommittee may disappoint, but I don’t think this is going to be a main driving force behind this market. There’s too much stuff going on."
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