New York, NY, United States (AHN) – Stocks fell Friday morning on reports that several euro-region countries may face credit downgrades by Standard & Poor’s and of JP Morgan’s less than impressive earnings.

Just after 10 a.m. on Wall Street, the Dow Jones Industrial Average slumped 107 points, the Standard & Poor’s 500 fell 10 points and the NASDAQ dropped 17 points.

Weighing on stocks in the U.S. was an earnings report from bellwether JP Morgan that showed earnings inline with expectations, but revenues that fell short.

Also dragging stocks lower was a release that revealed the U.S. trade deficit widened more than forecast in November as Americans exports declined and companies stepped up imports of crude oil and automobiles.

Downgrades in the credit ratings of a number of European governments as early as Friday could come from Standard & Poor’s. The rumors sent overseas stocks down.

European markets across the board were lower in afternoon trading and Asian stocks ended mixed.

In commodities, oil dropped 72 cents to $98.25 a barrel and gold lost $6 to $1,640.40 a troy ounce.

U.S. stock markets will be closed Monday in observance of Martin Luther King Day.

View full post on Stocks Stories

New York, NY, United States (AHN) – U.S. stocks slumped on the open Thursday on continued worries about the eurozone’s sovereign debt crisis. Investors shrugged off encouraging news on the unemployment front and sold into the previous two-day rally.

Just after 9:30 a.m. on Wall Street, the Dow Jones Industrial Average fell 107 points, the Standard & Poor’s 500 Index dropped 11 points and the NASDAQ gave back 13 points.

Reports that private sector employment climbed 325,000 in December, and that the number of planned layoffs at U.S. firms fell 1.6 percent last month, its lowest level since June 2010, did little to buoy U.S. equities.

Weighing on markets was a less-than-impressive French debt offering, a falling euro, and a tepid German bond auction on Wednesday.

In U.S. corporate news, retailers Macy’s, Limited and Zumiez all posted solid same-store sales results and boosted their future earnings guidance higher.

Pepsi fell after reports that the soft drink maker is mulling cutting 4,000 employees and lowering pension contributions in an effort to raise earnings. Shares were trading lower by 32 cents to $66.41 per share.

Eastman Kodak continued to fall on reports the iconic company may be on the verge of filing bankruptcy. The firm has already been warned about possible delisting from the New York Stock Exchange. Shares of EK were last quoted at just 42 cents.

In commodities, gold was lower by $13.60 to $1,599 a troy ounce, silver was off 28 cents to $28.91 and oil was down 70 cents to $102.49 a barrel.

View full post on Stocks Stories

Sales of existing homes in May fell by 3.8 percent from a month earlier to a seasonally adjusted annual rate of 4.81 million, according to a report by the National Association of Realtors.

View full post on All Stories