Traders-Blog.com

There was a big decline in the U.S market today. The Dow fell 166.49 points, to close at 10,421.44. Besides, the Nasdaq fell 21.37 points, to close at 2,070.66. The S&P closed at 1,200.73, after falling 13.15 points. This decline was mainly due to oil prices. Oil futures topped $60 a barrel, which represents a new record. Crude for August delivery climbed as high as $60.05 a barrel on the New York Mercantile Exchange that is just 3 cents above the contract’s all-time, intraday high from Monday. However, the benchmark contract pulled back to finish the session up $1.33 to close at $59.42.

Among Dow components, shares of Merck fell 2.3 percent due to a report that said that drug maker’s scientist had already been looking to reformulate its controversial Vioxx drug in 2000 in an effort to reduce its cardiovascular risks. Also, shares of General Electric (GE) fell about 2.4 percent after the industrial conglomerate announced that it would reorganize into only six businesses, in order to save about $200 million to $300 million in costs.

Among other stocks that dropped, Del Monte Foods Co., the largest U.S. maker of canned fruits and vegetables, fell 49 cents, or 4.5 percent, to close at $10.36. The company said that its fourth-quarter net income fell 66 percent to $19.3 million, or 9 cents per share, from $56.6 million, or 27 cents, a year earlier, due to high expenses. Also, shares of Rite Aid Corp. fell 9.7 percent to close at $4.11 since the company lowered its full-year profit outlook after first-quarter net income nearly halved from last year as well.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter
Guaranteed monthly gains of 8% or your money back.