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Reply #3: U.S. Stock Futures Fall; S&P 500 Poised for Slump [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 06:47 AM
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3. U.S. Stock Futures Fall; S&P 500 Poised for Slump
U.S. stock futures declined, indicating the Standard & Poors 500 Index will drop for a seventh day, as the euro areas leaders grappled with how to contain their regions debt crisis.

Futures on the S&P 500 expiring next month slid 0.7 percent to 1,151.4 at 6:13 a.m. in New York. Dow Jones Industrial Average futures expiring the same month lost 67 points, or 0.6 percent, to 11,167. U.S. equity markets will reopen today after yesterdays Thanksgiving break. Trading will end at 1 p.m. today. The S&P 500 (SPX) has declined 4.4 percent so far this week.

Over the next weeks and months, we are likely to see the future of the euro zone taking shape, said Thomas Beevers, a fund manager at Newton Investment Management Ltd. in London, which has about $73 billion in client assets. There is a chance that some countries, such as Greece, may choose to either default on their debts or leave. The remaining countries are likely to be forced, by pressure stemming from Germany, to enact fiscal-austerity measures and implement economic reforms. A much stronger union will emerge from the current crisis.

German Chancellor Angela Merkel yesterday repeated her opposition to joint euro-area bonds, damping optimism that politicians will agree to use a potential remedy for the regions woes. The S&P 500 has fallen 8.1 percent over the past six trading days for its longest slump since August. Yields on two-year Italian notes rose to a euro-era record of 7.82 percent today.
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