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U.S. Stocks Decline on Greek Debt Concerns, Economic Reports

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Elizabeth Stanton
Thursday, February 25th, 2010

U.S. stocks fell, and the Standard & Poor’s 500 Index erased yesterday’s rally, as Moody’s Investors Service said it may downgrade Greek debt and reports on American jobless claims and manufacturing orders trailed forecasts.

Citigroup Inc., General Electric Co. and Apple Inc. dropped at least 1.5 percent, while Alcoa Inc. and Exxon Mobil Corp. slumped more than 1.2 percent as commodity prices retreated. Palm Inc. plunged 18 percent after the mobile-phone maker cut its sales forecast. Coca-Cola Co., the world’s largest soda maker, lost 3.9 percent after agreeing to buy Coca-Cola Enterprises Inc.’s North American bottling division.

The S&P 500 declined 1.5 percent to 1,089.18 at 9:35 a.m. in New York. The Dow Jones Industrial Average fell 158.25 points, or 1.5 percent, to 10,215.91. Crude oil futures lost 2.6 percent to $77.95 a barrel in New York.

“The economy is going into a little bit of a fits-and- starts period,” said Michael Mullaney, who manages $9 billion at Fiduciary Trust Co. in Boston. “We don’t see any job creation coming along. That’s by far our biggest concern.”

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This article was posted: Thursday, February 25, 2010 at 9:42 am

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