Bin Laden death cheers Wall Street but only for few hours

by khalid on 03/05/2011 · 0 comments

US President Barak Osama announced the completion of 10 years task of his world number 1 intelligence force CIA and the death of world’s number 1 terrorist Bin Laden. With this news the whole nation was in jubilant mood and the same was reflected in stock market (Wall Street) too but lasted only for few hours and in afternoon session the gains were gone. The market closed slightly lower at the end of the day.

“As great as the news is, it doesn’t have much to do with earnings or the economy,” said Jack Ablin, chief investment officer at Harris Private Bank.

The Dow Jones industrial average fell 3.18 points to close at 12,807.36. The average of 30 stocks had been up as many as 65 points in morning trading.

The S&P 500 index fell 2.39 points to 1,361.22. It had been up 7 points Monday morning. The Nasdaq composite fell 9.46 points, or 0.3 percent, to 2,864.08.

The dollar dropped against a basket of six major currencies — the euro, Japanese yen, British pound, Canadian dollar, Swiss franc and Swedish krona — for the eighth day straight. The dollar index sank to 72.72, its lowest point since July 2008.

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