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Wall Street, with heavy losses – fear of " head and shoulders "

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2010-06-24_WallStreet_ddp NEW YORK (Dow Jones) – Prices on Wall Street to have weak economic data in early business which are Rate losses. The Dow Jones index of 30 industrials ( DJIA ) falls to 17.14 BST clock by 1.3 % or 120 points to 9651 Points. For the S & P 500 is about 1.6% or 17 points to 1030 down. ( Reuters photo 🙂

The Nasdaq Composite lost 1.9% or 39 counters 2070 .
The " fear of the head and shoulders pattern dominates the Thursday trading on U.S. markets . "Everyone sees the thing in S & P500 and now expects 150 to 200 points loss in the index , " says a technical analyst . Therefore, little selling pressure was necessary to strengthen the levies. "It buys yes then no , if the Formation believe , "said the analyst. With the break of the neckline at about 1040 points have therefore a stronger Wall Street Selling pressure used. If the " belief in the formation " Marktbreit enforce it , actually have a tougher Selling pressure can be expected until the end of trading.
Also fundamental is emerging a bleak picture: important ISM index in June for the manufacturing sector in the U.S. and the data to the outstanding U.S. home sales by enttäuschtten Bank. In particular, the job component of the ISM underline once again the Concern for the monthly U.S. employment report on Friday, it said in Trade. The employment component was 57.8 to 59.8 Index points in the previous month back . The ISM index fell even on total 56.2 . Analysts surveyed by Dow Jones had a value of 59.0 Points to 59.7 expected in the previous month.
Even before the start of trading was known that the weekly initial applications for unemployment by 13,000 to 472,000 are increased . Economists had from a fall 2000 expected . Even the ADP employment report on Wednesday was worse failed as expected. As the private service provider ADP informed created the U.S. private sector, 13,000 jobs in June . Economists had 60,000 new jobs expected by consensus .
In response to the economic data is the dollar continued its free fall and falls against the yen at 87.50 USD / JPY, Euro jumps were significantly higher than the $ 1.24 .
Significant losers are banks and cyclical Title. This will give of America 4.6% drop to $ 13.75 , for JP Morgan Chase is about 3.6% down to $ 35.37 . General Electric lose 3.7% to 13.91 .
Yahoo is increasing against the trend by 1.2 % to $ 14.01 . The company said that the board tracks in the volume of 3 billion USD plans to buy back .
With the licensing of a drug for weight reduction climbing arena Pharmaceuticals by 8.8 % to top.

DJG / mgo / raz / mrf