While you were sleeping.. US technology and biotech stocks led the way lower overnight as US stocks plunged, resuming recent weakness in shares that had led Wall Street higher for more than a year, while Greece’s much-heralded return to the bond market buoyed euro zone debt. US stocks slumped, with the Nasdaq suffering its worst day since November 2011. The Dow Jones industrial average fell 1.62 per cent, the S&P 500 lost 2.09 per cent, and the Nasdaq Composite dropped a substantial 3.1 per cent. Two years after nearly crashing out of the euro zone, Greece returned to the bond market on Thursday. Athens offered a yield of 4.95 per cent to sell five-year bonds, the second lowest borrowing costs for a bailed-out euro zone state returning to the market. The bonds, the first sold by the Greek government since the European Union and IMF rescued it four years ago, attracted more than €20 billion of interest from over 550 investors, including €1.3 billion from the banks which are lead managing the deal. European shares however followed Wall Street’s lead and closed lower across the board. Spains Ibex 35 and Italys FTSE MIB, the best performers among major European indexes this year, fell 1.4 per cent and 1.3 per cent respectively, lagging smaller losses for their peers in Britain, Germany and France.
Posted on: Thu, 10 Apr 2014 22:58:45 +0000
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