Stocks Slide, Hurt by Dollar
May 01, 2011
The weighted 30-share IBIS DAX stock index, which tracks prices in electronic trading, settled at 2556.25, down 11.71, after rising 25.21 Friday. The dollar's failure to hold gains above the 1.49-mark level earlier in the day put pressure on share prices Monday afternoon. Just after electronic trading ended, the dollar was changing hands at 1.4878 marks, down from 1.4902 marks at midday. Also at late afternoon, the benchmark German 10-year 6.00% bond dated April 2021 was priced at 99.99 to yield 6.25%. That price is down from 100.09 and a yield of 6.23% late Friday. Traders said investors are in a ``wait-and-see'' mode ahead of much-awaited July M3 money-supply data set for release sometime this week, the IFO business sentiment report, and the Bundesbank's policy-setting meeting Thursday. The declines in late electronic trading followed gains during the official three-hour floor trading session on the Frankfurt stock exchange, which runs parallel to IBIS dealings. The official DAX stock index that tracks prices in floor trading rose 14.40 to 2562.76 Monday. The DAX and the IBIS DAX are composed of the same stocks and weightings, but track trends in two separate marketplaces.
