In reversing its losing streak , stock markets in U.S gained a bit after the opinion poll in Greece indicated that there was full support for the biggest pro-bailout group along with indications coming from IMF that it could start discussing contingency plans for rescuing Spain.
Joy Global Inc. dropped 5.2 % with the firm cutting down its forecasts for the quarter. Facebook Inc. was down by another 4.9 5 totaling the decline to 29 %. Also Talbots Inc., after agreeing for a buyout by Sycamore Partners, doubled it value on the market.
The S&P 500 was up by 0.1 percent after falling by 1.1 % during early trading. The index has seen a decline of 6.2 % since start of May. The Dow Jones Industrial Average was up 0.2 % to 12, 4448.81. The trading on the S&P 5oo fell by 5.2 % from the 30 day average.
In an opinion poll ahead of Greece general elections on June 17, the New Democracy party, the biggest pro-bailout group, was leading against Syriza, which is calling for cancellation of bailout terms for the country. Also the European department of the International Monetary Firm has been reported to say that it has already begun discussions on contingency plans for rescuing loans to Spain in case the nation fails to get enough money for bailing out the Bankia group.
It should not be considered that IMF is going to give any financial aid to Spain or that Spain has asked for any kind of loans from the international lender, according to a fund spokesperson. There has been no direct request from Spain and neither is IMF making any plans to go for a financial assistance.
After data coming out which showed that business activity grew at the slowest pace in almost two years in the U.S , the equities slumped during the early half of the day. The total number of people applying for unemployment insurance grew to a month high this past week. GDP climbed at 1.9 % for the January-march quarter which is down from the earlier estimate of 2.2 %.