Stocks turn sharply lower in late trading – AP – msnbc.com

NEW YORK – Stocks have taken another late-day dive after the announcement of a criminal probe into the Gulf of Mexico oil spill pounded energy stocks. The Dow Jones industrial average is down almost 113 points Tuesday after Attorney General Eric Holder said the government is beginning civil and criminal investigations into the spill. Stocks in energy companies and oilfield service providers. Trading was choppy. Stocks were little changed earlier as investors juggled worries about Europe’s debt problems with upbeat reports on U.S. manufacturing and construction. The Dow Jones industrials are down 112, or 1.1 percent, at 10,024. The Standard & Poor’s 500 index is down 18, or 1.7 percent, at 1,070. The Nasdaq composite index is down 34, or 1.5 percent, at 2,222. Four stocks fell for every one that rose on the New York Stock Exchange. Volume came to a light 1.4 billion shares, in line with Friday.

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Stocks turn sharply lower in late trading – AP – msnbc.com

Stocks turn lower – CNN Money

By Alexandra Twin, senior writer June 1, 2010: 4:16 PM ET NEW YORK (CNNMoney.com) — Stocks slumped Tuesday, ending a choppy session lower, as worries about the global economic outlook overshadowed better-than-expected readings on the U.S. economy. The Dow Jones industrial average ( INDU ) fell 112 points, or 1.1%. The S&P 500 index ( SPX ) lost 19 points, or 1.7% and the Nasdaq composite ( COMP )retreated 35 points, or 1.5%. The market retreated in early trading after a report showed slower manufacturing growth in China and the euro briefly fell to a fresh four-year low. Better-than-expected readings on U.S. construction and manufacturing helped turn the tide in the morning. But the market sold off again heading into the close. Stocks tumbled last month, with the Dow’s decline of 7.9% its worst May performance since 1940. All financial markets were closed Monday for Memorial Day. The pullback came as the euro plunged and the European debt crisis threatened to slow global growth. Worries about China’s slowdown were also a factor. These issues are likely to continue pressuring stocks, said Stephen Carl, head equity trader at Williams Capital Group. “I don’t think the selling is over by any means,” he said. “It looks like we’re hovering in a range around 10,000 (on the Dow), but there could still be more selling to come.” Economy: The Institute for Supply Management’s May manufacturing index fell to 59.7 from 60.4. However, the index was expected to fall more, to 58.9, according to a consensus of economists surveyed by Briefing.com. Any reading above 50 indicates expansion in the sector. The index has indicated expansion for 10 consecutive months. Construction spending rose 2.7% in April, trouncing expectations for a rise of 0.1%. The government reported construction spending rose 0.4% in March. Companies: BP ( BP ) shares plunged 15% as the company’s latest attempt at stopping the oil spill – now in its seventh week – failed. The company had tried to stop the spill – the worst in U.S. history – by forcing mud into the leaking well Since the Deepwater Horizon exploded on April 20, the stock has lost more than one-third of its value. AIG ( AIG , Fortune 500 ) shares fell after the company rejected Prudential PLC’s request to lower the price of its $35.5 billion deal to buy AIG’s Asian affiliate, raising the chances of the deal falling apart. On the upside, Apple ( AAPL , Fortune 500 ) shares gained after the company said Monday that it has sold its 2 millionth iPad. Following the news, a number of analysts raised their estimates on iPad sales and Apple’s quarterly and fiscal-year figures. Hewlett-Packard ( HPQ , Fortune 500 ) announced it is cutting its total workforce by 3,000 over the next few years as it accelerates its use of automatic data centers for business customers. Shares of the Dow component gained 0.5%. A variety of financial shares fell, lowering the KBW Bank ( BKX ) sector index by 1.9%. Euro: The European currency seesawed, losing 0.5% to $1.2242 after touching a four-year low of $1.2111 in the morning. The dollar fell 0.3% against the yen. World markets: Markets in Europe were mixed. Britain’s FTSE 100 lost 0.5%, Germany’s DAX gained 0.3% and France’s CAC 40 lost 0.1%. Asian markets ended lower. Japan’s Nikkei lost 0.6% and Hong Kong’s Hang Seng fell 1.4%. China’s Shanghai Composite lost 0.9%. Commodities: U.S. light crude oil for July delivery fell 49 cents to $73.48 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery rose $12.20 to $1,225.90 an ounce. Bonds: Treasury prices were little changed, with the yield on the 10-year note slipping to 3.29% from 3.30% late Friday. Treasury prices and yields move in opposite directions. Trading volume: Market breadth was negative. On the New York Stock Exchange, losers beat winners three to one on volume of 1.11 billion shares. On the Nasdaq, decliners topped advancers by over three to one on volume of 1.85 billion shares. 

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Stocks turn lower – CNN Money

Gold futures climb while stock futures, euro drops – MENAFN

[unable to retrieve full-text content]LONDON (MarketWatch) — Gold futures rose Tuesday after a three-day break, with the yellow metal benefiting from safe-haven flows as worries over Chinese growth and euro-zone stability lingered. Gold futures traded $8 an ounce higher to $1,223.00. Most other metals futures dropped, however, after …

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Gold futures climb while stock futures, euro drops – MENAFN

Bears Harp On China News, Coal Stocks Spiral – Yahoo Finance

{“s” : “aci,ahgp,anr,bhp,btu,cld,hw,mee,wlb,wlt,yzc”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”} Coal miners sank by as much as -6% on Tuesday after China’s May Purchasing Managers’ Index slipped to 53.9 from 55.7 in April, indicating slower growth in the country’s manufacturing sector. According to Bloomberg , the figure came in below economists’ consensus of 54.5. Meanwhile in the U.S., investors looked favorably on reports that the Institute of Supply Management’s manufacturing index indicated expansion in May despite European economic turmoil. In coal-specific news, Bloomberg Deutche Bank boosted its forecasts for thermal coal by 15% to $98 per metric ton in Japanese fiscal year 2010, and Japan’s JFE Holdings and two rivals agreed to a 12.5% increase in the price for coking coal in contracts with Australia’s BHP Billiton (NYSE: BHP – News ). As a whole, the Coal Stocks Index is selling off by -3.5% for the session as traders shrug off seemingly positive news from the U.S. and Japan, and hone in on bearish sentiment tied to China. Large-caps Alpha Natural Resources (NYSE: ANR – News ), Walter Energy (NYSE: WLT – News ), and Massey Energy Company (NYSE: MEE – News ) are among laggards for the session, losing more than -5%. Chinese coal miner Yanzhou Coal Mining (NYSE: YZC – News ) is off by -4% today, followed by sector giant Peabody Energy (NYSE: BTU – News ), which was highlighted in Barron’s last fall for its growing presence in Asia . As of this writing, none of the Coal Stocks Index’s 21 components are in positive territory on a one-month basis. Headwaters (NYSE: HW – News ), Westmoreland Coal (AMEX: WLB – News ), and Arch Coal (NYSE: ACI – News ) are all laggards for the period, off by more than -20%. Meanwhile, Alliance Holdings (NASDAQ: AHGP – News ), Cloud Peak Energy (NYSE: CLD – News ), and Walter are top performers, despite losing as much as -9%. Investors can track the Coal Stocks Index for performance trends and a suite of other metrics at tickerspy.com. Fun and informative, tickerspy.com is a free investing website where you can track multiple stock portfolios and compare against 250 proprietary Indexes tracking themes from dividends to ETFs to green energy to precious metals. Best of all, tickerspy.com lets you spy on the portfolios of nearly 3,000 Wall Street institutions and hedge funds and see graphs of their performance. Try tickerspy.com today and find out how you stack up against investing legends like Warren Buffett!

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Bears Harp On China News, Coal Stocks Spiral – Yahoo Finance

Al and Tipper Gore to separate – Detroit News

Erik Schelzi / Associated Press Nashville, Tenn. — Former Vice President Al Gore and his wife, Tipper, are separating after 40 years of marriage. According to an e-mail circulated among the couple’s friends and obtained by the Associated Press today, the Gores said it was “a mutual and mutually supportive decision that we have made together following a process of long and careful consideration.” Gore spokeswoman Kalee Kreider confirmed the statement came from the Gores, but declined to comment further. Advertisement Al Gore lost the 2000 presidential election to Republican George W. Bush. He has since campaigned worldwide to draw attention to climate change, which in 2007 led to a Nobel Peace Prize and an Oscar for the documentary “An Inconvenient Truth.” Tipper Gore is known for her advocacy on mental health issues.

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Al and Tipper Gore to separate – Detroit News