Wednesday, February 6, 2013

Markets Pare Losses Amidst Continued Euro Turmoil

Despite the continued tide of decent earnings reports, U.S. markets continue their slump on Europe’s turmoil.

The Dow Industrials are down 80 points at 10,789. The S&P 500 is off 9 points at 1,156. True, those losses are somewhat improved from a short while ago, when the Dow was off over 100 points.

The FTSE 100 index of London-traded shares fell 0.8% as the Euro continued its descent, now down to $1.2715 from an earlier $1.2731.

Doesn’t help that Rochedale Securities analyst Richard Bove was quoted on CNBC a short while ago saying U.S. banks’ exposure to Europe’s debt woes may be larger than some think.

Nor does it help that this morning’s retail reports showed store sales in April below what some expected, even if the results themselves were not so bad.

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