Wall Street plunged on US fiscal cliff, eurozone woes

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Source: Dukascopy Bank SA
© Scanpix/AFP
Wall Street slammed on Wednesday amid warning signals from the eurozone and lingering concerns over the US fiscal cliff. The European Commission cut its growth estimate for the region from 1% to 0.1% for 2013. It also lowered German forecast from 1.7% to 0.8%, raising concerns over health of the eurozone's strongest economy. Meanwhile, investors remained cautious ahead of the US budget clashes as proposed tax increases and spending cuts are likely to be challenged by Republican opposition. The S&P 500 Index plummeted 2.37% to close at 1,394.53. All sectors within the index plunged. On the upside, Time Warner gained 4.18% after posting upbeat Q3 earnings. The top-losers were financials and oil gas sectors. BB&T, Comerica and SunTrust Banks slumped 5.03%, 4.44% and 4.18%. Among oil and gas producers, Anadarko Petroleum and Cameron International shed 3.64% and 1.65% amid weak energy prices after the EIA report. Meanwhile, WellPoint sank 5.47% after announcing that the number of enrolments dropped by over 2%.


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Thu, 08 Nov 2012 09:30:24 GMT

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