Stocks take beating as Europe doubts resurface

Markets » Dow gives back 444 points during 6-day losing streak.

< Previous Page

Tchir expects the market to grow more volatile as traders track deadlines for indebted European nations to repay bond investors or raise cash. For investors who benefited from the recent rally, he said, "I think it’s time to take money off the table." There’s too much of a disconnect between the Dow’s recent four-year high and European markets that are scraping three-year lows, he said.

European stocks rose into the close, recovering some earlier losses. Indexes in France and London closed down less than 1 percent after steep losses earlier.

In corporate news:

— Chiquita Brands plunged 28.9 percent after the banana purveyor reported first-quarter earnings that were far below the expectations of Wall Street analysts.

— Macy’s lost 3.8 percent after the department store chain made an earnings forecast that fell below Wall Street projections.

— Walt Disney Co. rose 1.6 percent, the most of the 30 stocks in the Dow, after the whimsy-production conglomerate said its fiscal second-quarter earnings outpaced expectations.

———

Daniel Wagner can be reached at www.twitter.com/wagnerreports.

Copyright 2013 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

About Reader Comments

---

Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.