Monday, May 16, 2011

Stocks start week with losses after earnings miss

        Stocks started the new week with losses Monday following an earnings miss by a big retailer and new concerns about Europe's debt crisis.  The Dow Jones industrial average lost 50 points, or 0.4 %, S&P 500 fell 4, or 0.3 %, and Nasdaq composite lost 13, or 0.5%.  The U.S. stock market has lost some of its momentum lately after finishing its best first quarter since 1998. Stocks in Europe fell broadly after the arrest of the head of the IMF.  The Euro Stoxx 50, an index of large companies in countries that use the euro, lost 1.1 percent. Greece's stock market fell nearly 2 percent.  The parent company of the New York Stock Exchange dropped nearly 11 percent after competitors Nasdaq OMX Group and ICE announced that they had withdrawn their hostile bid for the company.  However, J.C. Penny Co. Inc. rose nearly 4 percent.

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