US index decline

BI/market

17/10/2011

Irvin Avriano A.

Bisnis Indonesia

US index decline

JAKARTA: US stock indexes declines shortly after the opening in this early week, following last week gain.

The declining happen after German government official damped optimism that the crisis will fixed fastly.

The other declining factor is manufacturer companies around New York performances not as good as predicted before.

Wells Fargo, US biggest house lenders, corrected 5.9% after their 3rdQ fell and shortened its margin. Citigroup Inc, third biggest US bank, apreciated 1% after their earning jumped 74%, above prediction.

El Paso Corp surged 24% after Kinder Morgan Inc agree to buy the company worth US$21.1 bio in cash and shares.

In the other way, Standard & Poor's 500 Index decline 0.6% to 1,217 on 9.38 morning New York time, after give first gain since 2009.

Dow Jones Industrial Average Index corrected 65 point or 0.6% to 11,579 today.

"It's optimism punctuated by reality," Hayes Miller, the

Boston-based head of asset allocation in North America at Baring Asset Management Inc, which oversees $51.6 billion, said Bloomberg tonight.

He assess the stock market correction not caused by the German intention to help the crisis but the terms.

"The market wants the resolution, but it shouldn't be forthcoming."

The last positition on the market on 21.15 showed Dow Jones already fell 105 point or 0.91% to 11,539, S&P 500 decline 10 point or 0.85% to 1,214.

The other index, Nasdaq, also retreat 19 point or 0.73% to 2,648, and S&P/TSX in Toronto 94 point or 0.78% to 11,987.

In Euro zone, Euro Stoxx fell 21 point or 0.9% to 2,334 and FTSE in London decline 36 point or 0.67% to 5,429.

Previously, the last two index opened higher than last week positions.

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