This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

US Equities Sell-off Goes On; Futures Slump

NEW YORK (AP) â¿¿ The momentum of a late sell-off on Wall Street carried over into a second day, sending U.S. futures and global stock markets into retreat.

Uncertainty over how committed the Fed remains to a massive bond-buying program scattered investors and overshadowed a Labor Department report Thursday that was slightly better than most economists had expected.

Dow Jones industrial futures slid 125 points to 15,195. S&P futures lost 16.3 points to 1,639.30. Nasdaq futures fell 26.75 points to 2,974.25.

U.S. stocks began selling off late Wednesday when minutes from the most recent Federal Reserve policy meeting left open the possibility that the U.S. may begin easing off stimulus measures that have helped send major indexes to record highs in recent weeks.

Several Federal Reserve policymakers appear to be leaning toward easing efforts to maintain record-low long-term interest rates.

Even though those actions would not be implemented, the officials said, unless the economic recovery accelerates, it created enough uncertainty about future Fed actions to send ripples overseas as markets opened.

The benchmark Nikkei 225 stock index tumbled more than 7 percent Thursday, the largest single-day decline since the March 2011 tsunami disaster.

The yield on 10-year Japanese government bonds rose briefly above 1 percent, the first time that has happened in a year.

Still, the U.S. recovery appears to be on track.

The Labor Department said Thursday that the number of Americans applying for unemployment benefits fell by 23,000 last week.

The less volatile four-week average ticked down 500 to 339,500. That's close to the five-year low of 338,000 registered the first week of May. The four-week average is 9 percent lower than in November.

And economists expect that the Commerce Department will report Thursday that new home sales rose again.

Retailers continue to publish quarterly earnings that are mostly strong. Both Dollar Tree and Perry Ellis topped Wall Street profit expectations.

Sears and The Gap post earnings after the closing bell.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs