The stocks markets closed on a negative note of fresh fears over the Euro crisis took its toll on the markets. German chancellor Angela Merkel has stated that the EU members are looking at the conditions on which the bailout package to Greece will be provided. Merkel added that she "cannot anticipate the result of the troika." The Dow Jones industrial average fell 180 points. Added to this was a major concern on increase in prices of raw materials in the US. This will affect the margins of the company and the profitability of the companies.
The Standard & Poor's 500 fell 24.32, or 2.1 percent, to 1,151.06. The NASDAQ composite index fell 55.25, or 2.2 percent, to 2,491.58. The Dow is up by 2.2 percent for the week.
Commodity prices have been facing pressure amid concerns over decreased production across the globe. The price of copper plunged 5.6 percent; oil fell 3.8 percent and silver dropped 4.4 percent. Commodity prices initially rallied amid hopes of a bailout package for the debt crisis but hopes seemed to fade as the EU members made an indication that a second Greek bailout package may have to be renegotiated. Gold has also witnessed some correction over the week. Gold fell $34.40 to end at $1,618.10 an ounce. Oil witnessed some correction in early trades Crude fell $3.24, nearly 4 percent, to end the day at $81.21 per barrel.
In developments across the EU, Finland has agreed to approve the bailout package which will have Finnish share in it. In the bond market, 10-year Treasury note was flat at 1.99 percent