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15.11.2011 17:26

U.S. stocks declined

U.S. stocks declined, sending the Standard & Poor’s 500 Index down for a second straight day, as Italian, Spanish and French credit-default swaps surged to records amid concern Europe’s debt crisis is worsening. Italy’s 10-year yield climbed above 7 percent as prime minister-in-waiting Mario Monti faced resistance on forming a cabinet for his new government. The rate on German two-year notes dropped below 0.3 percent for the first time, while the extra yield investors demand to hold 10-year bonds from France, Belgium, Spain and Austria instead of benchmark bunds all increased to euro-era records.

Earlier today, futures trimmed losses as a Commerce Department report showed U.S. retail sales increased 0.5 percent in October, topping economists’ estimates, and the Federal Reserve Bank of New York’s general economic index unexpectedly rose to 0.6, the first positive reading since May.

Dow 12,052.34 -26.64 -0.22%, Nasdaq 2,660.73 +3.51 +0.13%, S&P 500 1,250.09 -1.69 -0.14%

Financial shares had the biggest decline in the S&P 500 among 10 industries, falling 0.8 percent as a group.

Bank of America Corp. (BAC) rallied 1.8 percent as credit-card writeoffs declined in October.

Wal-Mart Stores Inc. (WMT) retreated 2.6 percent as profit at the world’s largest retailer trailed forecasts. Net income for the quarter ended Oct. 31 declined 2.9 percent to $3.34 billion from $3.44 billion a year earlier. Profit excluding some items was 97 cents a share. Analysts projected 98 cents, on average.

LinkedIn Corp., a professional-networking website, slid 7.1 percent after saying Bain Capital Ventures will sell all of its shares in a secondary stock offering. The company plans to offer as many as 9.2 million shares for as much as $703 million, up from the $500 million sale previously announced. Current holders including Bain expect to sell 6.73 million of those shares. Bain’s stake may be worth as much as $283.2 million in the sale, based on a proposed maximum offering price of $76.44.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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