The Dow tumbled 152 points to 12506 on fears that the European debt crisis and the continued impasse on the U.S. debt ceiling debate. To recap, Congress has to raise the federal government’s legal debt limit by Aug. 2 or the nation could be in danger of defaulting on its debt.
Alcoa kicked off the 2Q11 earnings season after the closing bell by reporting an adjusted profit of 32 cents/share, just shy of the consensus 33 cents a share. Analysts are looking for earnings from S&P 500 companies to rise 12.7% in 2Q11 versus 2Q10, lowered from +19% in 1Q11.
Daily Dow Jones Has More Downward Consolidation
Source: StockCharts.com
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