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Jul 24, 2012, 07.54 AM IST
The US markets staged a strong recovery from the lows with the Dow posting a triple-digit recovery, however the three major indices still finished in the red amid fresh worries over the euro zone.
Dow Jones Industrial Average shed 0.79% or 101.11 points at 12721.46. Nasdaq Composite slipped 1.2% or 35.15 points at 2890.15. Standard & Poor's 500 fell 0.89% or 12.14 points at 1350.52.
It's the first consecutive two-day triple-digit point loss for the Dow since April 10. The US markets are also contending with an earnings season where more than 40% of companies have missed Wall Street revenue estimates so far. The CBOE volatility index surged 14% to end above 18.
In earnings in US, McDonald shares slipped after the company reported quarterly results that missed expectations. The earnings miss was the Dow component's first since 2004 when it missed estimates by a penny.
In data to watch out for in US, the July PMI manufacturing flash index is due today. Consensus estimates see it coming in slightly lower at 52.6 compared to 52.9 last month. The June number was the weakest rate of growth in 18 months.
The Richmond fed manufacturing index is expected to see slight recovery after it contracted to minus 3 in June, estimates peg the July reading at zero.
The May purchase only house price index by the federal housing finance agency is seen lower at 0.3% compared to 0.8% in April.
In the currency space, the euro hit a new two-year low versus the dollar as euro zone worries resurface. The dollar index is holding firm above 83.
In commodities, oil prices fell sharply yesterday. Brent fell more than 3% to USD 103 levels while Nymex slipped 4% to USD 88 levels on Spanish debt woes
Tags: US markets, Wall Street, Dow Jones Industrial Average, Nasdaq Composite, Standard & Poor's 500
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