US stocks snapped a four-session rally on Tuesday as investors faced continued uncertainty in the wake of Britain’s decision to leave the European Union, on a day marked by light-trading volume following Independence Day. The Dow Jones industrial average declined 109 points, or 0.61%, to 17,841, the S&P 500 lost 14 points, or 0.68%, to 2,089 and the Nasdaq Composite dropped 40 points, or 0.82%, to 4,823.
US government bond yields reached record lows as investors found refuge in the perceived safety of Treasuries and uncertainty from Brexit fueled worries about a global economic slowdown.
Four of the top five decliners on the S&P 500 were bank stocks, with JP Morgan, down 2.8%, weighing the most. Citigroup Inc. and Bank of America Corp. fell 3.3% and 2.8% respectively after Oppenheimer cuts targets on them.
Oil stocks declined after Brent crude fell 3.9% and US crude lost 4.5% as investors worried that Brexit would slow the global economy, making it unlikely energy demand will grow enough to absorb a persistent supply glut… READ ENTIRE ARTICLE NOW >>
[Source: New Model Adviser – by Himanshu Singh – July 7, 2016]
