19 Aug '11, 9pm

US stocks fall again

NEW YORK: Recession fears sent US stocks down again Friday, with last-hour selling pushing the Dow Jones Industrial Average to a 1.57 percent loss for the day. The Dow fell 172.93 points to close at 10,817.65. The broader S&P 500 lost 17.12 points (1.50 percent) to 1,123.53, while the tech-heavy Nasdaq dropped 38.59 points (1.62 percent) to 2,341.84. Concerns about faltering US economic growth and the eurozone's debt crisis have wiped more than $7 trillion in value from global stock markets since late July. "It's just a continuation of the fear factor. It's Friday, with no economic news, the market traders are continuing to sell," said Peter Cardillo, chief market economist with Rockwell Global Capital. JPMorgan Chase cut its growth forecasts for the United States, slashing its estimate of fourth-quarter US gross domestic product growth from 2.5 percent to 1.0 percent. "Th...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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