Markets Dives on Revised Growth in China and Falling US Consumer Confidence: Dow Jones loses 268 Points

Tuesday was a rough day for the markets worldwide and The Dow Jones loses 268 points or 2.7% of its value to 9,870.30 the lowest point since June 3rd. Standard and Poor’s 500 index fell 33.33 or 3.1% to 1,0401.24 on the News. The NASADQ dives to 85.47 or 3.9% to 2,1 35. 18.

The reason is three-fold: One, Conference Board  revise their economic growth down. China grows revise to 0.3%. Earlier the economic output for China was measure at 1.7% for the month of April 2010. That sent markets in Asia and Europe plunging. The Shanghai Composite Index fell 4.3% a 14 month low on the news.  The Nikkei Stock Exchange in Tokyo fell 1.3 %.

The slide escalated in Europe in addition to the news in China. Two, Workers in Greece went on strike again protesting the government austerity programs help set the European Bourses falling. The FTSE 100 fell 3.1%; Germany Zetra DAX drop 3.3%; and France’s CAC-40 index fell 4 %.

Third,Back at Home the news consumer confidence is not good. The Conference Board saw consumer confidence  revised down  from 62.7 to 52.9 in May. This is the biggest drop since February.

AP via Yahoo Finance News has more.


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