Economic Concerns Hurt Stocks
April 03, 2011
The Merval Index of leading shares lost 8.36, or 1.5%, to 551.46, after rising 8.52 Friday. The broad General Index fell 187.29, or 1.1%, to 16703.80. Decliners led advancers 32 to 4, while 10 were unchanged. Volume in floor trading totaled 6.62 million pesos, while volume in the computer-based continuous market reached 33.21 million pesos. Traders said the market's reaction was due to a combination of concerns about a stubborn federal budget deficit and a slower-than-expected economic recovery. Also, Argentine security prices frequently move in response to yields of U.S. 30-year bonds. Long-bond yields ended the day in New York at 7.01%, up from 6.98% earlier.
