VANCOUVER, BC (July 15, 2011) Dominion Lending Centres Clearlease Reports traders expressing concerns about the U.S. debt limit and the results of the European bank stress tests, stocks moved sharply lower at the start of trading on Monday. The major averages all moved to the downside, extending the downward move seen last week.
In recent trading, the major averages have seen some further downside, falling to new lows for the young session. The Dow is down 112.85 points or 0.9 percent at 12,366.88, the Nasdaq is down 19.44 points or 0.7 percent at 2,770.36 and the S&P 500 is down 9.16 points or 0.7 percent at 1,306.98.
The initial weakness on Wall Street came as traders worry about whether Democrats and Republicans will be able to reach an agreement on raising the debt limit and avoid a default.
The issue of taxes remains a sticking point in the negotiations, with Republicans insisting that they will not accept any tax hikes, while President Barack Obama has called for a “balanced approach” that includes higher taxes on wealthier Americans along with reductions in spending on social programs.
The U.S. is projected to surpass the $14.3 trillion debt limit on August 2nd and could be forced to default if the ceiling is not raised by then. In order for both houses of Congress to pass a bill by the deadline, the framework of an agreement will likely need to be hammered out within the next few days.
Lingering concerns about the European debt crisis is also likely to weigh on stocks, as traders continue to digest the results of the stress tests that were released last Friday.
Peter Boockvar, equity strategist at Miller Tabak, said, “Instead of garnering more confidence, the European bank stress tests spurred more concerns.”
“This is not because only 8 banks failed, but more due to the reality that has been mostly fully revealed that banks not only have large sovereign holdings of iffy credits but also have huge exposure to the private sector of each of the troubled economies,” he added.
Airline stocks have shown a substantial move to the downside in early trading, dragging the NYSE Arca Airline Index down by 3.2 percent. SkyWest (SKYW) is leading the sector lower after warning of weaker than expected second quarter results.
Steel, networking, and housing stocks have also come under pressure, moving to the downside along with most of the major sectors. On the other hand, gold stocks are bucking the downtrend as the price of the precious metal climbs above $1,600 an ounce.
In overseas trading, stock markets across the Asia-Pacific region closed mostly lower on Monday. Hong Kong’s Hang Seng Index fell by 0.3 percent, while Australia’s All Ordinaries Index edged down by 0.1 percent. The Japanese markets were closed for a public holiday.
The major European markets are also showing notable moves to the downside on the day. The French CAC 40 Index is down by 1.4 percent, while the German DAX Index and the U.K.’s FTSE 100 Index are both falling by 1 percent.
In the bond market, treasuries are turning in a lackluster performance, lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 2.904 percent.
Some of the Business Equipment Dominion Lending Centres Clearlease Finance include:
Office Fitout, Office Furniture, Oxygen Machines, PABX, Photocopiers, Plasma & Display Screens, Point of Sales POS, Printers, Retail Fitout, RFID Systems, Salon Equipment, Scanners, Security Systems, Shelving & Storage, Software, Telephone Systems, Trucks, Water Systems, Workstations, Air conditioning units, Audio Visual, Biometric Technologies, Boats, Buses, Cars, Catering Equipment, Compressors, Computers, Laptops & other IT, Display Stands, Earth moving equipment, Fax Machines, Forklifts, Gaming equipment, Generators, GPS Systems, Hospitality Fitout, Kiosks & Touch Screens, Massage Tables & Chairs, Medical & Dental, Mining Equipment, Office Equipment.
Clearlease Equipment Lease Financing, Commercial Financing Mortgage Refinance Mortgage Auto Lease, Vendor Program – Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Video Link: http://youtu.be/fROP17iUSEg
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers Alexander Pidgeon and Rene Pidgeon. Vancouver Commercial Lending,North Vancouver Commercial Lending,West Vancouver Commercial Lending,Surrey Commercial Lending,Richmond Commercial Lending,Delta Commercial Lending,Langley Commercial Lending,Coquitlam Commercial Lending,BC Commercial Lending,Private Commercial Lending
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
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Twitter: @clearlease
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Video Link: http://youtu.be/fROP17iUSEg
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