N.Y. stocks fall back on concern about U.S., European economies.
New York stocks fell back Thursday, with the Dow index tumbling for the first time in four trading days, on concern about the outlook for the U.S. and European economies.
The 30-issue Dow Jones Industrial Average, which climbed 143.95 points Wednesday, dropped 170.89 points to end at 11,149.82. The tech-heavy Nasdaq Composite Index, which rose 21.63 points the previous day, lost 48.06 points to 2,419.63.
After opening slightly higher, stocks quickly reversed course to enter negative territory, as investors sold shares in disappointment amid growing speculation that U.S. Federal Reserve Board Chairman Ben Bernanke may fall short of indicating additional monetary easing steps in his speech scheduled for Friday, market analysts said.
The selling was fueled by falls in major equities markets in Europe on growing uncertainty over the eurozone rescue of debt-stricken Greece, as well as rumors that Germany may be downgraded, the analysts said.
Following the recent uptrend, some investors sold shares to lock in profits, they said.
Meanwhile, Bank of America sharply advanced after Warren Buffett's Berkshire Hathaway announced a plan to invest $5 billion in the struggling bank.
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|Publication:||Japan Weekly Monitor|
|Date:||Aug 29, 2011|
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