Markets Open Down On Subdued Trade

December 3rd, 2013
in Gary's blogging, market open, syndication

Written by

Opening Market Commentary For 12-03-2013

Gary is off today, and the opening market commentary comes from our syndication partner

U.S. stocks opened lower in subdued trade on Tuesday, as speculation the Federal Reserve will begin tapering its monthly bond purchases in the near future weighed on equity markets.

Follow up:

During early U.S. trade, the Dow Jones Industrial Average dropped 0.41%, the S&P 500 index slid 0.30%, while the Nasdaq Composite index edged 0.09% lower.

Speculation over the future of the Fed's stimulus program persisted after the Institute for Supply Management said Monday that manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in November, fuelling optimism over the economic recovery.

European stocks extended losses on Tuesday, as speculation the Federal Reserve could soon begin tapering its monthly asset purchases continued to weigh on equity markets.

During European afternoon trade, the EURO STOXX 50 plummeted 1.20%, France’s CAC 40 declined 1.65%, while Germany’s DAX 30 tumbled 1%.

In the euro zone, official data earlier showed that the number of unemployed people in Spain declined by 2,500 in November, confounding expectations for an increase of 44,300, after a 87,000 climb the previous month.

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