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N.Y. stocks tumble below 10,000 on economic concern.

NEW YORK, June 29 Kyodo

New York stocks tumbled Tuesday, with the Dow closing below the 10,000 mark for the first time in roughly three weeks, on growing concern about the global economic outlook.

The 30-issue Dow Jones Industrial Average, which fell 5.29 points Monday, lost 268.22 points to 9,870.30, slipping below the 10,000 threshold since June 7 at the closing level.

The tech-heavy Nasdaq Composite Index, which dropped 2.83 points Monday, shed 85.47 points to 2,135.18.

Selling gained the upper hand as a bearish performance in Shanghai stocks fanned speculation that the Chinese economic growth would slow down, resulting in a sluggish global economic recovery, dealers said.

Uncertainty about the European financial system also helped investors to dump shares, pushing the Dow over 320 points lower than Monday's closing at one point.
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Publication:Japan Weekly Monitor
Date:Jul 6, 2010
Words:143
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