The US index closed well off their intraday low but they did lost 2.80% over the past three days alone.
Surprisingly, the s&p500 is still up 6.42% for 2012, which is 5.69% off the interim closing high of April 2nd.
After the bell yesterday Apple Inc, came out with its quarterly earnings report which miss expectation as Apple China sales suggest that its customers will not always wait for the next iPhone when rivals such as Samsung have plenty of flashy new models available now, analysts and resellers said on Wednesday. Follow Apple report its stock shade 5% in after hours trading.
Today, investors continued to monitor developments surrounding the euro zone’s ongoing debt crisis.
The Spanish 10-year bonds yield rose to a record 7.73% early Wednesday, well above the 7% threshold widely considered unsustainable in the long term, amid growing fears that Spain will need a full-scale bailout.
Meanwhile, fears over a Greek exit from the euro zone resurfaced, amid worries whether Athens can meet the conditions of its international bailout.
Adding to the gloom, ratings agency Moody’s lowered its outlook on the triple-A long-term rating of the region’s bailout fund, the European Financial Stability Facility, to negative from stable.
The move follows similar revisions to the outlooks on the sovereign ratings of Germany, the Netherlands and Luxembourg. Moody’s rates all three at AAA.
Crude oil futures held near a seven-day low during European morning trade on Wednesday, as ongoing concerns that Spain will become the next European country to seek a bailout weighed on appetite for riskier assets.
Oil traders were also focusing on closely-watched weekly supply data on U.S. stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.
Gold futures were higher for a second day during early European trade on Wednesday, after the Wall Street Journal said Federal Reserve officials were moving closer to steps to spur activity and hiring. It earlier rose by as much as 0.85% to trade at USD1,589.75 an ounce, the highest since July 20.