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U.S. Stocks Drop on Concern About China; Dow Falls Below 10,000

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Kelly Bit
Bloomberg
Tuesday, June 29, 2010

June 29 (Bloomberg) — U.S. stocks slid, with the Standard & Poor’s 500 Index declining for the sixth time in seven days and the Dow Jones Industrial Average sinking below 10,000, as concern intensified that growth in China is cooling.

Alcoa Inc., the largest U.S. aluminum maker, fell 3.2 percent as the Conference Board revised its April gauge for the outlook of China’s economy to indicate slower growth. JPMorgan Chase & Co. slipped 2.1 percent after Moody’s Investors Service said the bank may face lost revenue from a cap on debit fees.

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U.S. Stocks Drop on Concern About China; Dow Falls Below 10,000 080610banner4

The S&P 500 sank 1.5 percent to 1,058.40 as of 9:33 a.m. in New York. The Dow dropped 141.85 points, or 1.4 percent, to 9,996.67.

“China growth is ebbing,” said Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, which oversees $55 billion. “If that’s the engine the world is looking at to pull us out of the doldrums then there’s been a disappointing number and disappointment there.”

Full story here.

This article was posted: Tuesday, June 29, 2010 at 7:27 am





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