Though it didn’t come as much of a surprise, Ireland’s request for financial assistance from the International Monetary Fund and the European Union had a dramatic, if temporary, affect on U.S. markets on Monday. By midday the Dow Jones Industrial Average lost as many as 139 points while the S&P 500 was down almost 14 points. The Nasdaq, about 16 points down midday, was less affected by European economic concerns.
Not helping matters was news of a probe that may result in insider trading charges for analysts, investment bankers and others. Certain aspects of the probe, and subsequent charges, may affect firms like The Goldman Sachs Group (NYSE: GS).
Although investor confidence is understandably shaky, U.S. markets were mixed with the Dow and S&P 500 posting minimal losses Monday. The Dow closed down just 24.97 points to 11,178.58 on Monday. The Nasdaq rose 13.9 points to 2,532.02 while the S&P 500 fell 1.89 points to 1,197.84.
European markets were down on Monday while Asian markets were mixed, with Japan’s Nikkei gaining .93 percent.
Companies with earnings reports this week: Campbell Soup Company (NYSE: CPB), Hormel Foods Corp (NYSE: HRL), Guess? Inc (NYSE: GES), TiVo Inc (NASDAQ: TIVO), Medtronic Inc (NYSE: MDT).
