Stocks closed sharply lower as worries about Europe's debt problems weighed on investors. The downgrades of Greece and Italy, combined with a weaker-than-expected reading on manufacturing in Europe, renewed concerns about the eurozone's debt crisis. McDonald‘s was the only gainer in blue-chips. Tech sector retreated in a market-wide selloff, with declines in the software sector leading the way. Oracle, Red Hat and Intuit were each down 3%. Google and Yahoo were each down more than 1%. Implied volatility spiked to 17.5.
Tuesday, May 24, 2011
Hit by global economic concerns
Stocks closed sharply lower as worries about Europe's debt problems weighed on investors. The downgrades of Greece and Italy, combined with a weaker-than-expected reading on manufacturing in Europe, renewed concerns about the eurozone's debt crisis. McDonald‘s was the only gainer in blue-chips. Tech sector retreated in a market-wide selloff, with declines in the software sector leading the way. Oracle, Red Hat and Intuit were each down 3%. Google and Yahoo were each down more than 1%. Implied volatility spiked to 17.5.
