MNeagle
18th May 2010, 11:39 AM
By Michael P. Regan and Rita Nazareth
May 18 (Bloomberg) -- U.S. stocks extended declines, led by financial and technology companies, as the euro retreated to near a four-year low against the dollar and Germany planned to ban certain types of bearish investments.
U.S. equities extended declines as the Deutsche Presse- Agentur news service said Germany will ban naked short-selling starting at midnight, citing comments made by Finance Minister Wolfgang Schaeuble to lawmakers at a closed door meeting in Berlin today.
“It brings more uncertainty to the market,†said James Paulsen, who helps oversee about $375 billion as chief investment strategist at Wells Capital Management in Minneapolis. “There’s a negative reaction to anything that regulates or disallows any kind of trading. We tried the same thing in the U.S. too. I don’t know if that really worked.â€
The Standard & Poor’s 500 Index lost 0.8 percent to 1,127.47 at 1:59 p.m. in New York. The Dow Jones Industrial Average retreated 60.62, or 0.6 percent, to 10,565.21. The euro sank 1.1 percent to $1.2263, near its four-year low of $1.2235 reached yesterday.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAQ98QpR_.zA&pos=1
May 18 (Bloomberg) -- U.S. stocks extended declines, led by financial and technology companies, as the euro retreated to near a four-year low against the dollar and Germany planned to ban certain types of bearish investments.
U.S. equities extended declines as the Deutsche Presse- Agentur news service said Germany will ban naked short-selling starting at midnight, citing comments made by Finance Minister Wolfgang Schaeuble to lawmakers at a closed door meeting in Berlin today.
“It brings more uncertainty to the market,†said James Paulsen, who helps oversee about $375 billion as chief investment strategist at Wells Capital Management in Minneapolis. “There’s a negative reaction to anything that regulates or disallows any kind of trading. We tried the same thing in the U.S. too. I don’t know if that really worked.â€
The Standard & Poor’s 500 Index lost 0.8 percent to 1,127.47 at 1:59 p.m. in New York. The Dow Jones Industrial Average retreated 60.62, or 0.6 percent, to 10,565.21. The euro sank 1.1 percent to $1.2263, near its four-year low of $1.2235 reached yesterday.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAQ98QpR_.zA&pos=1