Translate This Page

Thursday, June 9, 2011

Dow, S&P post six-day losing streak (ext)

NEW YORK (CNNMoney) -- Stocks fell Wednesday, with the Dow and S&P ending lower for a sixth consecutive session, as investors remain concerned about signs of an economic slowdown.

The Dow Jones industrial average (INDU) fell 22 points, or nearly 0.2%, to 12,049. The S&P 500 (SPX) dipped 5 points, or 0.4% to 1,279. The Nasdaq (COMP) sank 26 points, or 0.9%. to 2,675.

Oil prices jumped nearly 2% to settle near $101 a barrel after OPEC failed to reach an agreement on crude production levels.

Overall, the tone on Wall Street has been bearish as investors remain rattled by recent signs that the economic recovery has stalled.

"We've had a slew of bad news," said Abigail Doolittle, the founder of Peak Theory Research.

She said the market has shown some resilience and that stocks could bounce higher over the short term. But she was less optimistic about the bigger picture.

"Over the long term, the bad news will outweigh the good news, and that will pressure the S&P lower from here," she said.

The Fed released the latest edition of its Beige Book, which describes economic conditions across the central bank's 12 districts.

The report showed that economic activity continued to expand at a moderate pace in most districts.

But growth slowed in at least four districts, while the Dallas Fed reported an acceleration in activity, according to the Beige Book.

The dollar rose against the euro and the British pound, but slipped versus the Japanese yen.

Gold futures for August delivery fell $2.70 to $1,536.00 an ounce.

No comments: