Binary Options Daily Review – May 21, 2010
U.S. stocks drop
U.S. stocks tumbled into their first correction of the long bull market Thursday, as investors unloaded stakes in companies with heavy international exposure on worries that Europe’s debt crisis would stall the global recovery. The Dow Jones Industrial Average ended down 376.36 points, or 3.6%. The S&P 500 Index closed down 43.46 points, or 3.9%.
Google, Intel, Apple in the news
Google Inc. gave up more than $19 a share, or 4%, to fall to $475.01. The company used its developers conference as a platform to unveil its new Google TV initiative with partners such as Intel Corp. Google product manager Rishi Chandra said, “It turns out on the Internet people use Flash,” and added that “part of being open means you’re inclusive,” a jab at Apple’s blocking applications which use Flash on its new iPad tablet and the iPhone.
Oil follows stocks down
Crude-oil futures ended lower on Thursday, mirroring steep losses for U.S. stocks and other commodities as investors wrung their hands about energy demand and feared Europe could derail the global economic recovery.
Gold ends lower
Gold futures declined Thursday as ongoing worries about the global economy sent U.S. stocks and other asset classes reeling, and institutional investors shied away from buying more bullion. Investors such as hedge funds have been unloading their long positions, or bets that prices will go higher.
Euro continues its pullback higher
The euro bounced back against major rivals in early Asian trading Friday, getting a lift against its Japanese counterpart after Japan’s finance minister warned about excessive yen strength. This is day 3 of the expected Euro pullback, as investors wait for the next wave of dollar strength.
