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Washington - Wall Street fell at the close trade on Friday (14 / 5), owing to the drop in earnings from the retail industry coupled with the U.S. Senate limits credit card fees (commission), and the fear of Europe debt.
Shares of banking and credit card companies fell a day after Senate decided to limit the fees charged on credit card transactions and debit card. Limitation of credit card fees adds the concerns where that reforms acts threaten the profits of credit card companies share sector. Visa shares slumped 10%.
Investor's comfort have taken in the middle of signs of U.S. economic recovery under the prediction of the retail industry such as Nordstrom Inc. and JC Penney Co. Inc., doubted the recovery of consumer spending.
Dow Jones Industrial Average. DJI fell 162.79 points, or 1.51 percent to end at 10,620.16. Standard & Poor's 500 Index. SPX fell 21.76 points, or 1.88 percent, to 1,135.68. The Nasdaq Composite Index. IXIC lost 47.51 points, or 1.98 percent, to close at 2,346.85.
Stocks rallied sharply on Monday (10 / 5) after news that the EU finance ministers have approved a package one trillion U.S. dollars for debt-laden Greek. But the optimism lasted only briefly, with shares down three days this week.
Euro / dollar and S & P 500 25-day rolling correlation has strengthened to a strong 85 percent, the highest since mid-February amid concern that slow growth in Europe will grow to threaten corporate profits.
Shares of banking and credit card companies fell a day after Senate decided to limit the fees charged on credit card transactions and debit card. Limitation of credit card fees adds the concerns where that reforms acts threaten the profits of credit card companies share sector. Visa shares slumped 10%.
Investor's comfort have taken in the middle of signs of U.S. economic recovery under the prediction of the retail industry such as Nordstrom Inc. and JC Penney Co. Inc., doubted the recovery of consumer spending.
Dow Jones Industrial Average. DJI fell 162.79 points, or 1.51 percent to end at 10,620.16. Standard & Poor's 500 Index. SPX fell 21.76 points, or 1.88 percent, to 1,135.68. The Nasdaq Composite Index. IXIC lost 47.51 points, or 1.98 percent, to close at 2,346.85.
Stocks rallied sharply on Monday (10 / 5) after news that the EU finance ministers have approved a package one trillion U.S. dollars for debt-laden Greek. But the optimism lasted only briefly, with shares down three days this week.
Euro / dollar and S & P 500 25-day rolling correlation has strengthened to a strong 85 percent, the highest since mid-February amid concern that slow growth in Europe will grow to threaten corporate profits.
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