[BRIEFING.COM] The stock market's recent win streak was snapped by a concerted selling effort that left stocks to settle at session lows with steep losses. The sell-off precedes a highly anticipated European Union Summit.
Sellers made their presence felt in the first few minutes of action. Their push against stocks was made as headlines surfaced that a meeting between finance ministers of the European Union originally scheduled for Wednesday is cancelled. That caused concern that officials might also postpone an EU Summit scheduled for tomorrow. The Summit is expected to produce some definitive details on just how to improve financial conditions in Europe.
Although no delays to the Summit were announced, participants displayed concern that the meeting may not produce the results wanted by the market. That prompted many to pare their positions in stocks, thereby pocketing profits earned in the past three sessions, during which time the broad market climbed almost 4%. Pressure persisted into the close, leaving stocks to settle at session lows.
Energy
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- US Unemployment & Consumer Confidence. (Reuters/Scott Barber)
