Business News
US stocks fall on Fed's recovery concerns
Jul 28, 2010, 23:47 GMT
New York - US stocks declined Wednesday as the Federal Reserve issued a downcast report on the economic recovery.
The US central bank's Beige Book, a survey of US businesses released about once every six weeks, suggested many have grown more pessimistic about the state of the world's largest economy.
The pace of the US economic recovery has slowed or even stopped in parts of the country over the past few months, the Fed survey found. Economic growth was only 'modest' in many other regions.
A surprising 1-per-cent drop in company orders for durable goods in June - the second straight monthly drop - also stoked investors' concerns over the recovery.
The blue-chip Dow Jones Industrial Average was down 39.81 points, or 0.38 per cent, to close at 10,497.88. The broader Standard and Poor's 500 Index dropped 7.71 points, or 0.69 per cent, to 1,106.13. The technology-heavy Nasdaq Composite Index fell 23.69 points, or 1.04 per cent, to 2,264.56.
The US currency inched up to 76.97 euro cents from 76.94 euro cents on Tuesday. The dollar fell against the Japanese currency to 87.48 yen from 87.87 yen the previous day.
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