Business News
US stocks drop on renewed economic warnings
Aug 20, 2010, 1:37 GMT
New York - US stocks declined Thursday on a fresh set of indications that the world's largest economy was mired in a weakening recovery.
The number of people claiming first-time jobless benefits rose last week, surprising economists, while an economic index from the Philadelphia Federal Reserve showed the Pennsylvania region's economy contracting again in August.
An index of leading economic indicators from the New York-based Conference Board rose just 0.1 per cent in July after falling a revised 0.3 per cent the previous month, signalling a weak recovery in the second half of this year.
The blue-chip Dow Jones Industrial Average fell 144.33 points, or 1.39 per cent, to 10,271.21. The broader Standard and Poor's 500 Index tumbled 18.53 points, or 1.69 per cent, to 1,075.63. The technology-heavy Nasdaq Composite Index plunged 36.75 points, or 1.66 per cent, to 2,178.95.
The losses ended two days of gains for major Wall Street indices.
The US currency rose to 77.97 euro cents from 77.78 euro cents on Wednesday. The dollar edged lower against the Japanese currency to 85.36 yen from 85.39 yen the previous day.
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