MARKET DOWN ON NEWS FROM SPAIN AND UPCOMING EARNINGS REPORTS
The Dow Jones Industrial Average and S&P 500 are down slightly this morning as all eyes remained fixed on Spain. Spanish Prime Minister Mariano Rajoy stated today that a call for bailout funds is not imminent. News of the delay came after the close of European markets that had rallied all day in anticipation of an impending stimulus announcement.
No key market news has been announced in the United States today but stocks are down following news from Spain and investors’ growing concern over upcoming quarterly corporate earnings reports. The “liquidity-infused high from QE3” is wearing off and investors are beginning “to worry that corporate earnings will not only be down, but be worse than expected,” said Keith Springer, president of Springer Financial Advisors in Sacramento, California.
Gold and Silver were also down today with continued news of slowing demand in China and India. “While the market has been going up on the stimulus fever, lack of support from physical demand is putting some pressure on prices,” said Marc Ground, a commodity strategist at Standard Bank in Johannesburg. As the U.S. Gold price continues to largely track the euro, investors will await news from the eurozone for word on a Spanish assistance program.
At 1 p.m. (EDT) the APMEX Precious Metals spot prices were:
- Gold, $1,779.80, Down $4.70.
- Silver, $34.82, Down $0.13.
- Platinum, $1,684.90, Up $2.10.
- Palladium, $654.50, Up $8.00.
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