U.S. stocks slips over 1% amid global concerns

11:10, April 19, 2011      

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U.S. stocks opened lower on Monday with major index declining over 1 percent amid Greek debt default, China's tightening step to curb inflation and disappointing earning reports.

The Dow Jones industrial average slumped 175.24 points, or 1.42 percent, to 12,166.59. The Standard & Poor's 500 lost 17.60 points, or 1.33 percent, to 1,302.08. The Nasdaq Composite Index was down 40.33 points, or 1.46 percent, to 2,724.32.

The market was influenced by the fears of a possible default in Greece. Meanwhile, concerns over possible inflation risks got worse as oil prices hit 108 dollars a barrel on Monday.

Moreover, China raised its required reserve ratio for banks to a record high 20.5 percent in order to control its abundant liquidity, high inflation and stubborn property prices.

Investors also disappointed on earning reports. Citigroup Inc. posted its first-quarter profit on Monday. The third-largest U.S. bank's profit slipped 32 percent in the first quarter of 2011, slightly beating expectations.

Source: Xinhua
 
 
     
 
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(Editor:张茜)

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