Worst Day Of The Year For The US Stock Market

Friday was the worst day of the year for U.S. stock prices after 5 weeks of gains for Nasdaq and S&P 500, due to concern over the Greece situation.

The Dow Jones Industrial Average fell by 0.5% during the week. Alcola Inc. was the leading decliner.
The S&P 500 index dropped by 0.2% during the week.
The Nasdaq Composite dropped by 0.1% during the week.

Stock prices all over the world decreased due to uncertain situation in Greece where leader of one among 3 political parties supporting Prime Minister of Greece Lucas Papademos announced he would oppose the austerity moves. Some of the cabinet ministers resigned which include the deputy foreign minister. Agitators in central Athens clashed with riot police.

Analysts fear the risk of the possibility of a Greek default in March. Politicians of Greece may not accept Commitments and austerity measures required by the Eurogroup.

Finance ministers of euro zone countries demanded cast iron guarantee from Greece on the promised austerity measures and reiterated that there will be no disbursement without adopting austerity measures. In Greece itself, politicians consider austerity measures as humiliation of the country.

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Leo Pierson

About Leo Pierson

Former partner in a real estate management firm, Leo, has been active in the market for the last 8 years. Ex-blogger on penny stocks, now focused on long term growth stocks, Leo provides valuable market snapshots each day as part of our editorial team.

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