U.S. stocks decline as Greece offsets data NEW Y
Post# of 102775
U.S. stocks decline as Greece offsets data
NEW YORK (MarketWatch) — U.S. stocks declined, with the Dow finishing near a four-month low, as worries about Greece again trampled enthusiasm that came with U.S. data, which on Wednesday cast a favorable light on factory output and housing.
“Uncertainty is a headwind for the market. The growing consensus is Greece is going to leave, and the euro-zone will be 16 nations by the end of 2012. The unknown is what does that mean for the rest of us?” said Nick Raich, director of research at Key Private Bank in Cleveland.
“The rest of the world seems to be struggling while the U.S. has been a bright spot, or at the very least, less bad,” Raich added.
Scaling back from what had been an 90-plus point advance, the Dow Jones Industrial Average (DJI
JIA) fell 33.45 points, or 0.3%, to 12,598.55, its fourth consecutive down day and leaving it at its lowest close since Jan. 18.
The S&P 500 Index (SNC:SPX) declined 5.86 points, or 0.4%, to 1,324.80, with consumer-staples the best performer and financial firms hardest hit of its 10 major sectors.
The Nasdaq Composite (NASDAQ:COMP) declined 19.72 points, or 0.7%, to 2,874.04.
For every stock that gained more than two fell on the New York Stock Exchange, where 872 million shares traded. Composite volume neared 4.3 billion.
http://www.marketwatch.com/story/us-stocks-up...2012-05-16
(0)
(0)