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The Wall Street wrap

The Wall Street wrap
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First Published: Thu, Jul 01 2010. 09 53 AM IST
Updated: Thu, Jul 01 2010. 09 53 AM IST
Markets ended in the red, closing the lowest they have since late 2009. Investors reacted to news of a report that showed that the private sector added fewer jobs than expected. The US government will be releasing their employment report on Friday which will include information on both private sector and government jobs.
The Dow is down 10%, while the S&P 500 and the NASDAQ have both plunged 12% in the second quarter. Prices of gold were up slightly higher as investors repositioned their investments in gold on the last day of the quarter.
Oil prices slid, losing 9.7% for the quarter. Investors reacted to a supply report that showed weak demand for crude oil. In corporate news, shares of Ford rose after the auto maker said it’s on track for solid profits this year and has paid off close to $4 billion in debt.
AstraZeneca won a patent dispute brought against its cholesterol drug Crestor by generic drug makers, causing a number of analysts to raise their view of the company, including Morgan Stanley and UBS.
Finally, shares of Tesla, the luxury electric-car maker, dropped slightly with the broader market in the last hour of trading after jumping 40% on its first day of trade on Tuesday. Its IPO raised more than $200 million on Monday.
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First Published: Thu, Jul 01 2010. 09 53 AM IST
More Topics: Wall Street | US | Markets | S and P 500 | AstraZeneca |