Wall Street Wrap for 20 August 2010

Wall Street Wrap for 20 August 2010

New York: With a spate of bad economic news during the week, most stocks continued their fall on Friday with the Dow Jones and S&P 500 closing lower and the Nasdaq ending relatively flat. Higher jobless claims and a slowdown in manufacturing were among the bleak economic reports. Markets are still debating whether the economy is headed toward a double dip recession.

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In corporate news, shares of BlackBerry maker Research In Motion (RIM) fell after Morgan Stanley downgraded the company. Concerns remain that it could lose market share quickly with several countries, including UAE, India, and Lebanon, threatening to shut down services on security issues.

In world markets both European indices and Asian markets ended the day in the red.

In commodities both oil and gold futures ended slightly lower. The yield on the 10-year note was higher at 2.61%.