Reported by: Eric CRWE Newswire Middle East correspondent
Dow Jones Industrial Average DJIA dropped 0.6 percent or 57.59 points to 10,213.62. Standard & Poor’s 500 index plunged 0.4 percent to 1,071.69 whereas NASDAQ composite index reported the gain of 0.04 percent to close 2,179.76 for the day.
Out of every five shares three closed in the negative zone while two reported a gain on New York Stock Exchange. The total traded volume for the day stood at 1.1 billion shares.
Bearish sentiments were maintained in today’s session due still to the weaker economic data which is showing a lower employment rate creating more uncertainty over coming quarters. Slow recovery in consumer spending is creating concerns as the low spending will keep the unemployment rate high. Currently unemployment rate is around 9.5 percent which is its high and not all unemployed persons are being counted.
Dell Inc (NASDAQ:DELL) announced its quarterly results today exceeding analysts’ expectations. Dell increased in value 0.25 percent on the news and closed at $12.07 with total volume of 50.25 million shares trading.
Dells major rival Hewlett Packard Co (NYSE:HPQ) also reported its quarterly results today with an increase of 6 percent in net profit. HPQ’s share price dropped by 2.23 percent to close at $39.85 with overall volume of 38.85 million shares for the day.
Crude oil also remained under selling pressure and crude future contract of October delivery dropped 97 cents to $73.82 per barrel on New York Mercantile Exchange. In reaction stock related directly to oil prices also dropped on the NYSE such as Chevron (NYSE:CVX) declining by 79 cent to close at $75.05 with total volume of 9.30 million shares.
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