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World Business

Wall Street ends H1 at new 2010 closing lows

(Xinhua)
Updated: 2010-07-01 15:49
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Wall Street ends H1 at new 2010 closing lows

Traders work on the floor of the New York Stock Exchange June 30, 2010. [Xinhua]
 
According to the Institute for Supply Management, its Chicago purchasing managers index fell to 59.1 in June from 59.7 in May, slightly better than economists had forecast.

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Adding to the support, the European Central Bank said demand for an offering of 3-month loans was weaker than expected, implying that European banks are not in as much trouble as investors had previously thought.

However, Moody's announcement of a possible downgrade on Spain dragged the market rapidly down in final hours of trading.

Moody's Investors Service, the only one who still holds Spain' s top credit ranking in three major rating firms, said it was putting Spain's rating on review as "deteriorating" growth prospects and the challenges the government faces to achieve its fiscal targets. 

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