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Stocks Tumble for Eighth Day as Commodities Drop
05.08.2011 08:20 "Agro Perspectiva" (Kyiv) —
Stocks dropped for an eighth day, the longest losing streak since January 2010, and commodities declined on concern the U.S. recovery is faltering. The Swiss franc weakened and the yen strengthened.
The MSCI All-Country World Index sank 1.4 percent at 6:35 a.m. in New York. Standard & Poor’s 500 Index futures slid 0.3 percent, after rising as much as 0.3 percent. The VStoxx Index, a measure of European stock volatility, headed toward its biggest weekly increase since May 2010. The Swiss franc depreciated against 15 of its 16 most-traded peers, while the yen gained 0.6 versus the dollar. The S&P GSCI index of 24 commodities dropped 0.4 percent.
More than $4.5 trillion has been wiped off the value of equities worldwide since July 26. Markets are «extremely oversold,» Marc Faber, publisher of the Gloom, Boom & Doom report, said in a Bloomberg Television interview. The U. S. probably added 85,000 jobs last month, leaving the 9.2 percent unemployment rate unchanged, economists said before Labor Department data today that will cap a week of economic reports showing the recovery is slowing.
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