US stocks futures went up after plunging worst due to S&P downgrade

By on Aug 9, 2011 in Business, Economy, Finance, Stock Market, United States, World Comments

U.S. stocks futures went up sharply on Tuesday, August 09, 2011, one day after it plunged due to unexpected Standard & Poor (S&P) downgraded the American debt.

Jason Blatt of Knight Capital Americas, reacting
to US stock market worst slide on Monday, August 8

Image Credit: Getty Images

As noted at Wall Street Journal, Dow Jones Industrial Average futures ran up 90 points to 10816, which fell 634.76 points on Monday and the worst since December 2008.

S&P’s 500-stock index futures rose 11 points to 1122 and Nasdaq 100 futures advanced 22 points to 2060, while Bank of America rose to 4.5% after sinking to 20% on Monday.

Meanwhile, a policy statement is to be issued by the Federal Reserve at 2:15 p.m. (ET) which investors will be focusing into; as they will also be looking on their plan to overcome the recent slide of the stock market.

“What’s rocking the market is a growth scare. The market is under a lot of stress that really has little to do with the downgrade.” Kathleen Gaffney of Loomis Sayles was quoted at Huffington Post on Monday.

“Investors are focused on “how Europe and the U.S. are going to work their way out of a high debt burden” if economic growth remains slow.” Gaffney added, as escalating debt problems also threatens Europe.

With the recent plunging of the US stock market, Europe and Asian bourses fell along with it and investors notably thinking of moving to safer investments such as gold.

On other hand, gold prices set record and rose to $1,754 per ounce which steadied at $1,713.20.on Monday, with experts saying they believe it may be higher in the next months.

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