U.S. stocks suffer second worst day of 2012 Drop
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Posted On: 06/21/2012 7:10:37 PM
U.S. stocks suffer second worst day of 2012
Drop in oil prices should help consumer spending, analysts say
NEW YORK (MarketWatch) — U.S. stocks on Thursday took their second hardest knock so far this year as economic reports indicating a slowdown in global manufacturing increased investor anxiety.
Data illustrating a slowdown in euro-area manufacturing and Chinese output also contracting pummeled commodities, with oil falling below $80 a barrel gold prices below $1,600 an ounce.
“We are seeing general weakness, not just here, but around the world. It’s going to be very difficult for us to be an island of prosperity while the global economy is slowing,” said Paul Nolte, managing director at Dearborn Partners in Chicago.
The Dow Jones Industrial Average (DJI
JIA) retreated 250.82 points, or 2%, to 12,573.57.
The S&P 500 Index (SNC:SPX) fell 30.18 points, or 2.2%, to 1,325.51, with energy shares the heaviest drag and utilities the strongest performer among its 10 industry sectors. Goldman Sachs advised clients to short the S&P 500 on Thursday.
The Nasdaq Composite (NASDAQ:COMP) fell 71.36 points, or 2.4%, to 2,859.09.
For every stock rising four fell on the New York Stock Exchange, where not quite 866 million shares traded. Composite volume topped 4 billion.
“The market has been behaving oddly all week,” said David Kelly, chief market strategist at J.P. Morgan Funds, who notes that equities failed to bounce on Monday after Greek elections yielded hoped-for results, and that the market seemingly did not like Wednesday’s move by the Fed, even though the central bank did as expected. http://www.marketwatch.com/story/us-stock-ind...=afterbell
Drop in oil prices should help consumer spending, analysts say
NEW YORK (MarketWatch) — U.S. stocks on Thursday took their second hardest knock so far this year as economic reports indicating a slowdown in global manufacturing increased investor anxiety.
Data illustrating a slowdown in euro-area manufacturing and Chinese output also contracting pummeled commodities, with oil falling below $80 a barrel gold prices below $1,600 an ounce.
“We are seeing general weakness, not just here, but around the world. It’s going to be very difficult for us to be an island of prosperity while the global economy is slowing,” said Paul Nolte, managing director at Dearborn Partners in Chicago.
The Dow Jones Industrial Average (DJI
JIA) retreated 250.82 points, or 2%, to 12,573.57. The S&P 500 Index (SNC:SPX) fell 30.18 points, or 2.2%, to 1,325.51, with energy shares the heaviest drag and utilities the strongest performer among its 10 industry sectors. Goldman Sachs advised clients to short the S&P 500 on Thursday.
The Nasdaq Composite (NASDAQ:COMP) fell 71.36 points, or 2.4%, to 2,859.09.
For every stock rising four fell on the New York Stock Exchange, where not quite 866 million shares traded. Composite volume topped 4 billion.
“The market has been behaving oddly all week,” said David Kelly, chief market strategist at J.P. Morgan Funds, who notes that equities failed to bounce on Monday after Greek elections yielded hoped-for results, and that the market seemingly did not like Wednesday’s move by the Fed, even though the central bank did as expected. http://www.marketwatch.com/story/us-stock-ind...=afterbell
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