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Wall Street falls as jobs malaise lingers

Wall Street falls as jobs malaise lingers
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First Published: Tue, Jun 08 2010. 12 15 AM IST
Updated: Tue, Jun 08 2010. 12 15 AM IST
New York: US stocks dropped on Monday, led lower by industrial and tech shares, as lingering disappointment over last week’s payrolls figure kept investors in no mood to buy equities.
Large manufacturers’ shares ranked as the biggest drags on the Dow, with United Technologies Corp down 1.9% at $63.88, and Caterpillar Inc down 1.8% at $56.71.
“You’re going to have this volatile market with a downward bias until we get any kind of positive news,” said Alan Lancz, president of Alan B. Lancz & Associates Inc in Toledo, Ohio.
“It just looks like there’s no incentive for investors to step up to the plate.”
The Dow Jones industrial average eased 18.06 points, or 0.18%, to 9,913.91. The Standard & Poor’s 500 Indexslipped 2.28 points, or 0.21%, to 1,062.60. The Nasdaq Composite Index lost 19.28 points, or 0.87%, to 2,199.89.
The Nasdaq was led lower by Google Inc off 2.1% at $488.39 after Connecticut’s attorney general sent a letter to the dominant US search engine company asking if it had collected data from personal and business wireless networks without the owners’ permission.
By mid-afternoon on a day with little data, the S&P 500 was just above 1,060 -- a key support level reached several times in recent weeks -- after earlier falling just below that level. Nevertheless, the S&P 500 is still in a correction, down more than 12% from its 23 April closing high for the year.
On Friday, the three major US stock indexes slid more than 3% after the May non-farm payrolls report was far weaker than expected and as worries increased over the sovereign debt crisis in some European countries, the latest being Hungary.
“You would normally see a bounce following a sell-off like we saw on Friday, but the lack of any real direction today shows the market remains unconvinced that all the issues have been worked out,” said Alan Gayle, senior investment strategist at RidgeWorth Investments in Richmond, Virginia.
Bank of America Corp fell 2.4% to $14.99 after the company’s Countrywide Financial Corp unit agreed to pay $108 million to settle US government charges of misleading and overcharging consumers.
Shares of Goldman Sachs Group Inc tumbled 2% to $139.56 following news that a government commission investigating the 2008 financial crisis has issued a subpoena to the company, saying the bank failed to comply with a request for documents in a timely manner.
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First Published: Tue, Jun 08 2010. 12 15 AM IST
More Topics: Markets | US | Stocks | Wall Street | United Tech |