Another deep sea trip by Wall Street

After American earnings showed new dissapointment, US stocks fell to a new 5 year low as concerns about the future keept growing with this news. The company results were only secondly important as the glooming future was the main concern for investors. Energy and material were the biggest loosers with a plummet of 10.4% and 8.3%.

The S&P 500 closed at minus 6.1%, Dow Jones Industrial Average fell 5.7% and the Nasdaq Composite Index went down 4.8%, a bigg fall for the US stock market.

Many large corporation were not able to hold of this fall such as Boeing, AT&T, Merck and known as a very safe stock McDonalds even though they showed an increase in profit fell by 1.7%

Oil was the reason for the large fall in energy stocks as the price went bellow $70. This sector also had one of the worst drops this day. Baker Hughes the oil company dropped 22.1%, with the reason being as stated before, the confidence.

This large drop will have put more fire in the oven for the support of analysts predicting a uncertain and difficult future. The market is looking for short term positive figure which at the moment is very difficult to produce and will have to rather sooner that later change their strategy to more long term goals.