Wall St lower after disappointing data
21 June 2012
Wall St lower after disappointing data
.S. stocks edged lower today after a raft of data showed a global slowdown was adding to U.S. economic weakness.
Labor Department data showed the number of Americans filing new claims for unemployment benefits fell just a little last week to 387,000, while a monthly indicator of China's manufacturing activity fell to a seven-month low of 48.1.
ther data from the Philadelphia Federal Reserve showed factory activity in the mid-Atlantic region contracted for a second month in a row in June while home resales fell in May.
"It starts with Europe - weak for the obvious reasons. They are buying less stuff from China, China is selling less stuff and that is slowing their economy down," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
"The genesis is Europe and it's starting to flow through everything now. Business has slowed down."
The Dow Jones industrial average dropped 14.23 points, or 0.11 percent, to 12,810.16. The Standard and Poor's 500 Index lost 4.34 points, or 0.32 percent, to 1,351.35. The Nasdaq Composite Index fell 15.84 points, or 0.54 percent, to 2,914.61.
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