Stocks Collapse as Bad News Piles Up

By: Associated Press
By: Associated Press

Worries about the U.S. economy are sending the Dow Jones industrial average down 251 points, the second-worst drop this year.

The bad news kept piling up Thursday. Commodity prices slumped in early trading after a report said manufacturing in China fell this month.

The Philadelphia branch of the Federal Reserve also reported a sharp drop in manufacturing in the Northeast.

The Dow closed down 2 percent at 12,574. Alcoa fell the most.

The Standard & Poor's 500 index lost 30 points to 1,326, a decline of 2.2 percent. The Nasdaq fell 71 points, 2.4 percent, to 2,859. All three major indexes lost their gains for the week.

More than four stocks fell for every one that rose on the New York Stock Exchange. Volume was about average, 3.8 billion shares.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by MikeHunt Location: Center on Jun 21, 2012 at 10:58 PM
    I only wish i had some available funds to invest in the morning, but its all in use right now :(
  • by On ho on Jun 21, 2012 at 04:29 PM
    The sky is falling. Tommorow the sky will be the limit. Spin doctors at work!
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