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NEW YORK (Reuters) – Stocks fell on Tuesday as energy shares slid after the latest failed attempt to halt the oil spill in the Gulf of Mexico and the U.S. government announced a criminal probe into the disaster.
Investors punished shares of companies directly involved with the spill and losses accelerated into the close following the news of the investigation.
“It’s the fact that no one can really quantify the cost of the BP disaster out there,” said Gary Bradshaw, portfolio manager at Hodges Capital Management in Dallas.
“There’s so much uncertainty, investors are stepping to the sidelines.”
U.S.-listed shares of BP Plc (BP.L)(BP.N), which owns the well, tumbled 15 percent. The losses signaled growing frustration over the difficulty of sealing off the worst oil spill in U.S.
People struggling with debt could be at a greater risk of suffering psychological problems, a new survey has shown.
The research carried out by the Nottingham School of Economics revealed depression and other mental illnesses are likely to increase as millions of people continue to worry over their finances.
Professor Richard Disney, who carried out the study with Dr Sarah Bridges, said there was “undoubtedly” an increased risk of debt issues due to the credit crunch.
He added: “In such circumstances it’s no surprise that the incidence of mental health problems and psychological stress has also increased.”
The research included information from the Families and Children Survey, which questions around 8,000 people every year.
It showed that in 2005, 13 per cent of people who admitted to debt problems – and 17 per cent of those with financial stress – also reported mental health and psychological concerns.
Debt
People who pay off their mortgage by credit card are placing themselves at risk of future debt, it has been claimed.
Richard Sorsky from the UK Insolvency Helpline Debt Advice Service said individuals who are withdrawing cash to pay down what they owe on their property are committing “financial suicide”.
The specialist explained consumers are opting for this payment method because of fear.
“We’ve done a bit of our own research and we’ve actually seen that people are paying their tax bills by credit card because they’re scared of the Inland Revenue,” he observed.
Mr Sorsky added customers who use their credit cards to purchase goods on the high street, rather than through their current accounts, are also placing themselves at financial risk as the bills will arrive every month and they are just paying off the minimum.
Statistics released by moneysupermarket.com have revealed a significant number of Britons are relying on credit cards for day-to-day spending.
NEW YORK (Reuters) – Stocks fell 1 percent on Friday, extending earlier losses as a downgrade by Fitch Ratings of Spain’s credit rating reignited worries about euro-zone debt issues.
Fitch cut Spain’s credit rating by one notch, saying the country’s economic recovery will be more muted than the government forecast due to its austerity measures.
U.S.-listed shares of Spain’s Banco Santander SA (SAN.MC)(STD.N) fell 2.5 percent to $10.17.
“It definitely spooked the market, no doubt about it,” said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania.
“Up until now it’s been mostly Greece and the threat of Spain and Portugal and Ireland. With Fitch actually downgrading Spain, it seems as if it is no longer a hypothetical, the contagion is now real.”
The Dow Jones industrial average .DJI dropped 141.25 points, or 1.38 percent, to 10,117.74.
Have you ever considered how much interest you are paying every month for all your loans? Moreover at times it becomes impossible to keep track of all the monthly payments you are suppose to make. The result is accumulation of further charges and interest on the already high rate of interest. You credit score also keep reducing in the market in the process. This is all the more true for people, who are having multiple debts, in the market from credit cards, banks, other financial lending companies and private lenders. If this is the case with you as well, a debt consolidation program of any trustworthy debt consolidation company can be your savior.
To benefit significantly from the debt consolidation, you need to find out a professional debt consolidation company who offers the service at lower interest and in easy terms and conditions. There are so many debt management companies operating in the market and you need to choose one according to your convenience. There are basically two common practices in the debt consolidating market.