Share “US stocks follow global markets lower”

US stocks follow global markets lower

Published on NewsOK Modified: June 11, 2013 at 10:20 am •  Published: June 11, 2013

NEW YORK (AP) — A rout in global markets spread to the U.S. early Tuesday, nearly wiping out the stock market's gain for the month.

The selling started in Asia following news that the Bank of Japan declined to take any new steps to spur that country's economic growth.

Shortly after 11 a.m., the Dow Jones industrial average was down 72 points to 15,166, a loss of 0.5 percent. The Dow erased about half of an early-morning loss of 152 points. Microsoft fell the most in the Dow, giving up 54 cents, or 1.5 percent, to $34.92.

The Standard & Poor's 500 index fell nine points to 1,633, a drop of 0.5 percent. Nine of the 10 industry groups in the index fell, led by banks and materials companies. The S&P 500 is still up 0.1 percent for the month.

Lululemon Athletica plunged $13.30, or 16 percent, to $68.89 following news that the yoga-clothing maker's CEO will step down as soon as the company's board finds a replacement.

Overseas, the Bank of Japan voted to stick to its current bond-buying program Tuesday, disappointing those who had expected new measures to help the world's third-largest economy. Japan's Nikkei stock index lost 1.5 percent.

Major stock markets in Europe also fell. Germany's DAX dropped 1.3 and France's CAC-40 lost 1.4 percent.

In the market for U.S. government bonds, the yield on the 10-year Treasury note rose to 2.22 percent from 2.21 percent late Monday.

Continue reading this story on the...