U.S. stocks fell on
Thursday, with major indexes on track to break a six-week gaining
streak, as the latest batch of data painted a gloomy picture for the
global economy.
The Dow Jones industrial average ended lower for the fourth straight day, dropping 115.30 points, or 0.88 percent, to 13,057. 46. This was the first time for the blue-chip Dow to see a triple- digit drop in a month.
Both the Standard & Poor's 500 and the Nasdaq Composite Index dropped for the third time in last four sessions.
The broader S&P 500 fell 11.41 points, or 0.81 percent, to 1,402.08 while the tech- heavy Nasdaq declined 20.27 points, or 0.66 percent, to 3,053.40.
All ten S&P 500 big-cap sectors ended in negative territory, with materials, utilities and energy stocks lagging in the market.
Thursday's decline came after the U.S. Labor Department reported that the number of people applying for jobless benefits rose 4,000 to a seasonally adjusted 372,000 last week. That was higher than most economists had expected and also the highest level in five weeks.
Meanwhile, the four-week average, a less volatile index, increased 3,750 to 368,000, suggesting very moderate and uneven improvement in the jobs market.
Overseas, the latest data showed China's economy continued to lose momentum as weak global demand hit its exports.
The preliminary HSBC China Manufacturing Purchasing Managers Index fell to a nine-month low of 47.8 in August, compared with a final reading of 49.3 in July. A reading below 50 indicates manufacturing activity is contracting.
In Europe, euro zone manufacturing PMI improved to an initial 45.3 in August from 44 in July. However, the data was still in contracting territory because of slower factory activity in Germany and France.
The weakness in Germany is particularly worrisome as it could potentially reduce its ability and willingness to do the heavy lifting needed to stabilize the region's faltering financial health.
Also dragging on the market, Hewlett-Packard's share tumbled more than 8 percent after the personal computer maker reported shrinking sales and disappointing earnings.
Another reason for market sentiment to turn sour was because James Bullard, president of the St. Louis Federal Reserve bank, said in a TV interview that the meeting minutes, released after the customary three-week lag, were "stale," and that Fed officials were already considering new data that might make further Fed action seem unnecessary.
In other markets, the U.S. dollar traded mixed against major currencies in late New York trading while U.S. crude prices fell as a series of weak data from the U.S. Europe and China added to demand concerns.
Light, sweet crude for October delivery lost 99 cents, or 1.02 percent to settle at 96.27 dollars a barrel on the New York Mercantile Exchange.
The Dow Jones industrial average ended lower for the fourth straight day, dropping 115.30 points, or 0.88 percent, to 13,057. 46. This was the first time for the blue-chip Dow to see a triple- digit drop in a month.
Both the Standard & Poor's 500 and the Nasdaq Composite Index dropped for the third time in last four sessions.
The broader S&P 500 fell 11.41 points, or 0.81 percent, to 1,402.08 while the tech- heavy Nasdaq declined 20.27 points, or 0.66 percent, to 3,053.40.
All ten S&P 500 big-cap sectors ended in negative territory, with materials, utilities and energy stocks lagging in the market.
Thursday's decline came after the U.S. Labor Department reported that the number of people applying for jobless benefits rose 4,000 to a seasonally adjusted 372,000 last week. That was higher than most economists had expected and also the highest level in five weeks.
Meanwhile, the four-week average, a less volatile index, increased 3,750 to 368,000, suggesting very moderate and uneven improvement in the jobs market.
Overseas, the latest data showed China's economy continued to lose momentum as weak global demand hit its exports.
The preliminary HSBC China Manufacturing Purchasing Managers Index fell to a nine-month low of 47.8 in August, compared with a final reading of 49.3 in July. A reading below 50 indicates manufacturing activity is contracting.
In Europe, euro zone manufacturing PMI improved to an initial 45.3 in August from 44 in July. However, the data was still in contracting territory because of slower factory activity in Germany and France.
The weakness in Germany is particularly worrisome as it could potentially reduce its ability and willingness to do the heavy lifting needed to stabilize the region's faltering financial health.
Also dragging on the market, Hewlett-Packard's share tumbled more than 8 percent after the personal computer maker reported shrinking sales and disappointing earnings.
Another reason for market sentiment to turn sour was because James Bullard, president of the St. Louis Federal Reserve bank, said in a TV interview that the meeting minutes, released after the customary three-week lag, were "stale," and that Fed officials were already considering new data that might make further Fed action seem unnecessary.
In other markets, the U.S. dollar traded mixed against major currencies in late New York trading while U.S. crude prices fell as a series of weak data from the U.S. Europe and China added to demand concerns.
Light, sweet crude for October delivery lost 99 cents, or 1.02 percent to settle at 96.27 dollars a barrel on the New York Mercantile Exchange.
VietNamNet/Xinhuanet
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