U.S. Stocks Plummet as HP Co. Stumbles

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The Treasuries suffered a fall alongside the French bonds that plummeted owing to cut in the nation’s credit rating.

The S&P 500 Index dropped by 0.4 percent as Hewlett-Packard Co. suffered a 13 percent fall as of 9:41 a.m. NY time. 10-year U.S. note yields increased for the second consecutive day and increased to 1.63 percent. The French 10-year bonds jumped up by six basis points increasing by 2.14 percent.

U.S. housing starts exceeded the Bloomberg survey and increased by 3.6 percent to an 894,000 yearly rate. It is the fastest growth rate since July 2008 surpassing all predictions.

In the other part of the world, the Euro-zone finance ministers will be meeting today with a view to try and block a hole in the public accounts of Greece. Euro was traded at 1.2816:1 against the USD.

Yesterday, the S&P 500 increased by 2 percent which is the highest in past two months. In another positive note, the MSCI Emerging Markets Index rose by less than 0.1 percent.

 

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