Wall Street's Losses Hurt Shares
April 03, 2011
The Madrid General Index fell 4.74 to 353.45 after losing 1.5 points Friday. Volume was 12.08 million shares worth 24.98 billion pesetas, down from Friday's 18.82 million shares valued at 39.14 billion pesetas. Traders were puzzled that a sharply stronger Spanish bond market did not aid stocks Monday. The ten-year benchmark bond was priced at 109.52 to yield 8.62%, compared with Friday's price at 109.00 to yield 8.70%. One trader noted that right now prices are too low to sell, but no one wants to buy because they're worried about the U.S. stock market. The Dow Jones Industrial Average fell 37.36 to 5426.82 on Friday. Argentaria shed 130 pesetas at 5,030 on volume of 141,255 shares. Traders said Argentaria closed at its support level Monday, which could cause the stock to rebound if U.S. shares move in a more positive direction Tuesday.
