Tuesday, November 13, 2012
U.S. stocks sold off again Tuesday in a very volatile session - while the news flow was generally quiet some sporadic rumors of a bailout coming in Spain and some key technical levels that traders watch that were hit led to a lot of lurching about. In the end the S&P 500 fell 0.4% and NASDAQ 0.7%. Microsoft (MSFT) sunk 3.2% as 23 year employee Steven Sinofsky, who oversaw the Windows operating system (and coming Windows 8 launch) exited the company.
In economic news:
- The Treasury Department reported a deficit of $119.9 billion for October, compared with an expected shorftall of $113 billion. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.
Oil fell 19 cents to settle at $85.38 a barrel. Gold dropped $6.10 to end at $1,724.80 an ounce while silver fell $0.035 to $32.49.
Britain's FTSE 100 rose 0.3%, the DAX in Germany was fractionally higher and France's CAC 40 gained 0.6%.
- Finance ministers agreed to give Greece an additional two years to meet fiscal targets attached to a second sovereign bailout, but will not release the next installment of rescue funding for at least another week.
The Shanghai Composite dropped 1.5% and Japan's Nikkei shed 0.2%.