Dow drops from its record high as credit risk gauge rallies

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Source: Dukascopy Bank SA
Most U.S. blue chips declined on Monday, as a gauge tracking U.S. corporate credit risk climbed the most in almost a month as decision to impose tax levy on Cypriot bank deposits might spark the Euro-area's debt crisis. The Dow Jones Index slipped 0.6% to 14,456.06 after trading at its record high the last week. All but one sector posted losses. Boeing Co slumped 1.5% for the biggest drop on the Dow. Walt Disney Co followed with a 1.3% plunge to close at $56.83 to pace losses in consumer services that was 0.6% down. McDonald's Corporation fell as much as 1.1% to $98.57 as the fast food restaurant chain is facing a stiff competition from its competitors in Russia. McDonald plans to turn to franchising business model in Russia to retain its strong fast-food pioneer position. Among best performers was Hewlett-Packard that rose 2.9% to $22.83 after Morgan Stanley upgraded its stock rating to overweight.


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