Wall Street down on Spanish bond sale april 4 2012

Indonesia stock info - Wall Street down on Spanish bond sale april 4 2012 ; US stocks declined on Wednesday after demand dropped at a Spanish bond auction suggesting the effects of Europe's funding operations were waning and as investors contemplated a world without monetary stimulus.

The Dow Jones industrial average fell 125 points, or 0.95%, at 13,075. The Standard & Poor's 500 Index lost 14 points, or 1.02%, at 1,399. The Nasdaq Composite Index dropped 45 points, or 1.46%, at 3,068.

Spanish borrowing costs surged at bond auctions, stoking fears that the rally in troubled sovereign debt of euro zone peripheral nations triggered by the European Central Bank's two Long-Term Refinancing Operations may be coming to an end. The yield on the country's 10-year bond climbed to 5.7%, its highest since January.

Shares continued to feel the fallout from minutes from the Federal Reserve's latest meeting, published on Tuesday. A data released by payrolls processor ADP showed US employers added 209,000 jobs in March, suggesting the labour market was continuing to strengthen, but it was not enough to boost investor sentiment.

Financial, materials and technology shares were the worst performers. Morgan Stanley declined 3.5%. Bank of America slumped 3.1%, while JPMorgan declined 2.2%.

Materials sector suffered after commodities, a hedge against the inflationary and dollar-weakening effects of monetary stimulus, declined sharply. Alcoa lost 2.5%.

SanDisk sank 11% pacing losses among technology companies after predicting revenue in the quarter that ended 1 April of about $1.2 billion as compared to an earlier forecast for sales of $1.3 billion to $1.35 billion. Micron Technology, the largest US maker of computer memory, lost 4.1%.

Elsewhere, General Electric Co fell 1.1% after Moody's downgraded the ratings of conglomerate. McDonald's Corp lost 1.9% after Goldman Sachs removed it from Goldman's "conviction buy" list and cut its price target.

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