Richard drew/AP
Traders work on the floor of the New York Stock Exchange.
Stocks of raw materials staged a big rebound Wednesday, recovering from a drop of nearly 200 points in the industrial average earlier bdao Jones on the same day as worries mounted over the future of the euro in Greece.
Close, Dow was off only 7 points.
Tech shares were among the biggest decliners as weaker revenue in today’s forecast expected of Dell Inc., the third largest computer supplier, spurred fears that spending was significant faster than expected global tech had already earlier.
Euro area officials agreed that each country in the euro prepare individual emergency plan that Greece will decide to leave the single currency bloc. The agreement was reached during the Eurogroup working group conference call, which lasted for about an hour on Monday.
“It’s very scary to hear about this type of conversation, even if it makes sense, because of the lack of emergency like the path clearly there continues to be very problematic for banks,” said James Dunigan, Chief Investment Officer of PNC wealth management in Philadelphia.
Falling oil prices also depressed the energy domain.
Earlier in the session, the stock was briefly cut after new data showed the US paid in home sales rose more than expected that in April prices pushed higher. The latest reading on the sales of new homes offered further evidence of the housing market turned the corner.
“Data adds to growing stabilization of housing, but it is not enough to overcome the General issues driving today,” said Dunigan, who helps oversee the assets of 112 billion.
Facebook Inc., banks, including Morgan Stanley, being sued by shareholders of a social network, who claimed the defendants hid weak growth forecasts of Facebook in advance of 16 billion dollar public conditioned.
However, Facebook shares closed 3 percent.
Related: Facebook’s Dream Foundation begins to look like a nightmare
Reuters contributed to this report.
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