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Stocks slide as investors' malaise continues
Source: Agencies |
August 21, 2010, Saturday
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STOCKS closed moderately lower yesterday as investors' pessimistic view of the economy deepened.
There was little reason for investors to buy. There were no reports to offset Thursday's disappointing news that growth in the domestic economy continues to slow. The Dow Jones industrial average fell 57 points a day after falling 144. The other major indexes also fell moderately.
"We're not seeing any significant growth prospects," said Peter Costa, president of Empire Executions. "Why be in the market if there's no (near-term) prospects for growth?"
Oil prices fell again on worries that future demand will wane if economic growth remains tepid. Energy stocks were among the worst performers on the day, including oil companies Chevron Corp. and ConocoPhillips.
Overseas markets also fell, reacting to reports Thursday that initial claims for unemployment benefits in the US rose last week and manufacturing in the Mid-Atlantic region shrank.
"We're probably on a continuation from yesterday's disturbing claims number," said Paul Zemsky, head of asset allocation at ING Investment Management. "There's really nothing to hang your hat on."
The Dow fell 57.59, or 0.6 percent, to 10,213.62. The Standard & Poor's 500 index fell 3.94, or 0.4 percent, to 1,071.69, while the Nasdaq composite index rose 0.81, or 0.04 percent, to 2,179.76.
About three stocks fell for every two that rose on the New York Stock Exchange, where volume came to 1.1 billion shares.
Traders' vacations have left volume exceptionally low this month. The uncertainty about the economy has made those who are working hesitant to make any big moves.
There was little reason for investors to buy. There were no reports to offset Thursday's disappointing news that growth in the domestic economy continues to slow. The Dow Jones industrial average fell 57 points a day after falling 144. The other major indexes also fell moderately.
"We're not seeing any significant growth prospects," said Peter Costa, president of Empire Executions. "Why be in the market if there's no (near-term) prospects for growth?"
Oil prices fell again on worries that future demand will wane if economic growth remains tepid. Energy stocks were among the worst performers on the day, including oil companies Chevron Corp. and ConocoPhillips.
Overseas markets also fell, reacting to reports Thursday that initial claims for unemployment benefits in the US rose last week and manufacturing in the Mid-Atlantic region shrank.
"We're probably on a continuation from yesterday's disturbing claims number," said Paul Zemsky, head of asset allocation at ING Investment Management. "There's really nothing to hang your hat on."
The Dow fell 57.59, or 0.6 percent, to 10,213.62. The Standard & Poor's 500 index fell 3.94, or 0.4 percent, to 1,071.69, while the Nasdaq composite index rose 0.81, or 0.04 percent, to 2,179.76.
About three stocks fell for every two that rose on the New York Stock Exchange, where volume came to 1.1 billion shares.
Traders' vacations have left volume exceptionally low this month. The uncertainty about the economy has made those who are working hesitant to make any big moves.
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