Markets Lower On Fears That The Greek s Could Abandon The Bailout| May 9, 2012.
Overnight stocks have bounced from their lows but still remain in negative territory as the leader of the Greek Coalition for Radical Left, Alexis Tsipras, explained to the world that he considers the Greek bailout agreement to be null and void and needs to be abandoned.
The Dow Index (see above chart) continued down logging a five day losing streak while hitting a two month low, falling 76.44 point to close at 12,932.09 while the S&P 500 traded down 5.86 points to end at 1,363.72. Earlier in the session the German Dax Index traded down 1.9 percent to settle at 6444.
The euro weakened for the seventh straight day, trading down from yesterday highs of 1.3063 to recent lows of 1.2982, this is the longest run of declines since September 2008 when German Chancellor Angela Merkel rejected government stimulus as a measure to stimulate growth.
Oil has fallen for the fifth straight day, slipping to a three month low after the Saudi Arabian Oil Minister Ali al-Naimi said that the prices are currently too high and that Saudi Arabia is storing crude. WTI oil has traded down from yesterday highs of 97.99 to recent lows of 95.52.
Gold has tumbled to below the $1,600 an ounce level for the first time since January after Alexis Tsipras statement, triggering a technical sell-off.
SPI 200 future 4279
S&P500 Index 1363.75
Dow Jones 12932.10
FTSE 100 Index 5554.55
Oil (Nymex) 97.01