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US markets slip on Monday

09 June 2009 09:46 (UTC +04:00)

Baku - APA-Economics. Investors turned away from stocks ahead of the latest government report card on banks, AP reported.
Stocks fell Monday, sending the Dow Jones industrial average down by about 100 points at times. Overseas markets also pulled back.
The government is expected to announce as early as Monday which banks will be allowed to return bailout funds. JPMorgan Chase & Co., Goldman Sachs Group Inc. and American Express Co. are expected to get approval to repay their loans, according to The Washington Post.
In late morning trading, the Dow fell 93.94, or 1.1 percent, to 8,669.19. The Standard & Poor’s 500 index fell 8.96, or 1 percent, to 931.13, and the Nasdaq composite index fell 25.52, or 1.4 percent, to 1,823.90.
Major European markets fell. In afternoon trading, Britain’s FTSE 100 fell 0.6 percent, Germany’s DAX index slid 1.2 percent, and France’s CAC-40 dropped 1.2 percent. In Asia, Japan’s Nikkei stock average finished with a gain of 1 percent.
The dollar rose against other major currencies, while gold prices fell.
The stronger dollar hit commodity prices and materials companies. Aluminum producer Alcoa Inc. fell 29 cents, or 2.7 percent, to $10.65, while Freeport-McMoRan Copper & Gold Inc. slid $1.93, or 3.4 percent, to $55.23.
In other trading, the Russell 2000 index of smaller companies fell 7.86, or 1.5 percent, to 522.50.
Three stocks fell for every one that rose on the New York Stock Exchange, where volume came to 310.6 million shares compared with 408.5 million shares traded at the same time Friday.
Bond prices were mixed. The 10-year note fell to 3.83 percent from 3.84 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.18 percent from 0.17 percent Friday.