13 May '11, 9pm

US stocks sink amid economic woes

NEW YORK: US stocks ended the week mired in red Friday as investors shrugged off US inflation and consumer confidence reports and weighed disappointing company earnings and a firmer dollar. The Dow Jones Industrial Average dropped a hefty 100.17 points (0.79 per cent) to finish at 12,595.75. The broader S&P 500 index slid 10.88 points (0.81 per cent) to 1,337.77, while the tech-rich Nasdaq Composite tumbled 34.57 points (1.21 per cent) to 2,828.47. "The US equity markets are riding out the week in disappointing fashion, with strength in the dollar fostering a reversal in commodity prices, sending stocks solidly below the flatline," Charles Schwab analysts said in a client note. Greece's debt crisis weighed on the equities markets amid speculation that Athens will need an additional bailout. Eurozone and European Union finance ministers are expected to discuss Greece at mee...

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

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