Palm | Kelapa Sawit

By : Tokan Corner

 Stocks saw substantial weakness during trading on Monday, as traders expressed renewed concerns about the outlook for the global economy. The markets pulled back further off last Thursday's highs but remained well off their recent lows.

After falling sharply in morning trading, the major averages moved roughly sideways throughout the afternoon. The Dow closed down 151.44 points or 1.2 percent at 12,505.76, the Nasdaq fell 57.19 points or 2 percent to 2,802.62 and the S&P 500 dropped 24.31 points or 1.8 percent to 1,319.49.

The considerable weakness on Wall Street was partly in reaction to the much weaker than expected jobs data that was released last Friday.

The Labor Department report showed that U.S. employment increased by just 18,000 jobs in June compared to expectations for an increase of more than 100,000 jobs. Additionally, the report showed an unexpected uptick in the unemployment rate to 9.2 percent.

While optimism about the upcoming earnings season helped to lift stocks off their lows in afternoon trading on Friday, selling pressure reemerged today amid continued uncertainty.

Renewed worries about the financial situation in Europe also helped to drag stocks lower amid speculation that Italy may be the next casualty in the sovereign debt crisis.

Among individual stocks, Alcoa (AA) came under pressure ahead of the release of its quarterly results after the close of trading, with the aluminum giant closing down by 2.9 percent. The release of results from Alcoa is seen as the unofficial start of the earnings season.

In overseas trading, stock markets across the Asia-Pacific region closed mostly lower on Monday, as traders reacted to the weak U.S. jobs data. Japan's benchmark Nikkei 225 Index fell by 0.7 percent, while Hong Kong's Hang Seng Index dropped by 1.7 percent.

The major European markets also showed notable moves to the downside on the day. The U.K.'s FTSE 100 Index fell by 1 percent, while the German DAX Index and the French CAC 40 Index plummeted by 2.3 percent and 2.7 percent, respectively.

In the bond market, treasuries saw significant strength, extending the strong upward move seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 9.9 basis points at 2.917 percent.

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