The Joplin Globe, Joplin, MO

Business

June 11, 2013

US stocks follow global markets lower

NEW YORK — A rout in global markets spread to the U.S. early Tuesday, wiping out the stock market’s gains for the month.

The selling started in Asia following news that the Bank of Japan declined to take any new steps to spur that country’s economic growth.

Shortly after 10 a.m., the Dow Jones industrial average was down 117 points to 15,121, a loss of 0.8 percent. JPMorgan Chase fell the most in the Dow, giving up $1.09, or 2 percent, to $53.26.

The Standard & Poor’s 500 index fell 15 points to 1,628, a drop of 0.9 percent. All 10 industry groups in the index slumped, led by banks and materials companies.

The Nasdaq composite sank 33 points, or 1 percent, to 3,441.

The Bank of Japan voted to stick to its current bond-buying program Tuesday, disappointing those who had expected new measures to help the world’s third-largest economy. Japan’s Nikkei stock index lost 1.5 percent.

Major stock markets in Europe fell harder. Germany’s DAX dropped 1.7 and France’s CAC-40 lost 1.8 percent.

Lululemon Athletica sank $13.30, or 16 percent, to $68.89 following news that the yoga-clothing maker’s CEO will step down as soon as the company’s board finds a replacement.

In the market for U.S. government bonds, the yield on the 10-year Treasury note rose to 2.25 percent from 2.21 percent late Monday.

In commodities trading, crude oil fell $1.40 to $94.32 a barrel in New York. Gold dropped $13 to $1,373 an ounce.

 

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