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Category: Money

US Stocks Slips Despite Osama bin Laden News

Written on May 03, 2011 by Japhet Writ

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Despite US's rejoice on the death of Al Qaeda leader, Osama bin Laden, the nation's stock still edged lower on Monday.

U.S. stocks surged lower last Monday, as investors shifted their focus back to the economy and earnings news. It was contrary to the positive reaction to the news that had been killed by U.S. forces. The industrial average (INDU) fell 3 points to 12,807, after being up as much as 60 points earlier in the day. The and Composite (COMP) fell 2.4 points and 9 points respectively.

According to Fred Dickson, chief market strategist with D.A. Davidson & Co:

“Bin Laden’s death doesn’t eliminate the risk factors and it doesn’t settle the political uprising issues in the Mideast.”

Monday’s losses ends the five-day long positive streak for the S&P 500 and Dow Jones.

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