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N.Y. stocks plunge on disappointing U.S. economic data.

NEW YORK, June 1 Kyodo

New York stocks sharply fell back Wednesday amid speculation of a slowdown in the U.S. economic recovery on disappointing U.S. economic data.

The 30-issue Dow Jones Industrial Average, which rose 128.21 points Tuesday, dropped 279.65 points to end at 12,290.14, marking the lowest finish since April 19 and the largest single-day point loss this year.

The tech-heavy Nasdaq Composite Index, which climbed 38.44 points the previous day, shed 66.11 points to 2,769.19.

Stocks faced across-the-board selling on worse-than-expected U.S. jobs-related figures in May as well as on U.S. manufacturing output last month slowing to the lowest level since 2009, market analysts said.

Downgrading of Greece's sovereign bond rating by Moody's Investors Service Inc. rekindled fears about debt problems in Europe, fueling the selling spree, they said.
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Publication:Japan Weekly Monitor
Geographic Code:1U2NY
Date:Jun 6, 2011
Words:143
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