N.Y. stocks fall on slower economic recovery.
New York stocks gave up early gains to close lower Wednesday after the U.S. Federal Reserve released its report showing a broadly modest pace of economic recovery in the United States.
The 30-issue Dow Jones Industrial Average, which gained 123.49 points Tuesday, lost 40.73 points to close at 9,899.25.
The tech-heavy Nasdaq Composite Index, which dropped 3.33 points the previous day, declined another 11.72 points to 2,158.85.
In early trading, the Dow briefly rose above the 10,000 mark for the first time in three business days on remarks by Fed Chairman Ben Bernanke, who suggested the impact of the debt crisis currently gripping some European countries on U.S. economic growth could be minor, market analysts said.
The Dow later fell as selling expanded after the release of the Fed's Beige Book, which noted that many districts described the pace of growth as ''modest'' while saying economic activity continued to improve across all 12 districts.
|Printer friendly Cite/link Email Feedback|
|Publication:||Japan Weekly Monitor|
|Date:||Jun 14, 2010|
|Previous Article:||U.S. economy keeps improving at moderate pace: Fed report.|
|Next Article:||Dollar trades at lower 91 yen in early Tokyo deals.|