Economy
CLOSING BELL: June 13: DOW: 12,496.38 | DOWN 77.42 | -.62%
OIL: $82.62, DOWN .70, -.84%
GOLD: $1,619.40, UP 5.60, +.35%
GASOLINE (US Avg): $3.539, -.003
Wall Street sells off late, succumbs to Europe fears
Edward Krudy, Reuters - Wall Street ended lower on Wednesday as fears ahead of the weekend elections in Greece finally drove down a market that had been treading water through most of the day.
Up to 800 million euros ($1 billion) have been pulled out of Greek banks daily ahead of the cliffhanger election on Sunday, which many fear will result in Greece leaving the euro zone. If that happens, investors fear other peripheral nations may also have to exist.
The euro zone’s cloudy future has made investors inclined to quickly reverse positions. On Wednesday, they pounded shares in financial, energy and materials sectors into the close.
Volume surged after three weak sessions. About 7.1 billion share trade on the NYSE, Amex and Nasdaq, slightly above the 20-day moving average.
There’s a “lack of details or specifics coming out of Europe, and that creates more of a vicious cycle,” said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston. “The euro has been a concern every single day.”
