Stocks also Fall in Germany, Canada, Europe
San Francisco, CA -- (SBWIRE) -- 09/20/2012 -- Last week, the Standard & Poor's 500 Index rallied to the highest level seen since 2007, after which the US stock-index futures declined. In the German trading market, Alcoa Inc dropped, while rising amounts of stockpiled copper causes base metals to be lower in London. Both JPMorgan Chase & Company and Bank of America Corp fell after spending the last couple of weeks in gains of their shares, which were traded. This, as the US. Lowe's Company attempted to make a deal with Rona Inc, a Canadian company.
As of 7:21am New York time, the S&P 500 futures had dropped 0.2%, down to 1455.7. They are due to expire in December. This came after the benchmark equities gauge rallied last week to its highest since the year 2007. The plan by the Federal Reserve to purchase the more risky mortgage securities pushed the demand for assets. The Dow Jones Industrial Average was down by 21 points to 13,497 at the close of the day today. It is possible that the trading volume in New York could be a bit slower today in New York due to the start of the Jewish New Year celebrations or Rosh Hashanah.
The largest gains of S&P last week were seen in the commodity, financial, and industrial shares. This helped to raise the two-week advance to 4.2%. This leaves the index a mere 6.8% away from the all time high that it set back in October of 2007.
Stocks also fell in Europe today after being high for 15 months. The country's leaders met today in an effort to brainstorm its debt crisis. Citigroup Inc showed a much lower growth forecast for China, which may have lead to the meeting. The economic growth forecast of at least 12 other banks have been reduced this month for the second largest economy on the globe.
Alcoa, which is the greatest manufacturer of aluminum, is the United States dropped 0.7%, down to $9.77 in Germany. While speculation in London last week over the rally was overdone, copper led metals also dropped because of an overstock in warehouses which had been monitored by the Shanghai Futures Exchange, the Comex, and the London Metal Exchange. During the previous two weeks, Alcoa's shares that were traded in the United States had climbed 15%.
There was also a decline in financial companies today. Despite a 20% climb by Bank of America in the last two weeks, it lost 0.3, down to $9.52 in the morning's trading in New York. JPMorgan also fell to 0.7% or $41.26 while Morgan Stanley was down in Germany by 1.1% to $18.04.
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