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U.S. markets drop as economic signs cool
NEW YORK, U.S. stock indexes fell 1 percent Thursday afternoon before moving up slightly as new signs of a cooling U.S. economy lowered hopes for a full-bodied recovery.
The Dow Jones industrial average tumbled 82.04 points, or 0.79 percent, to 10,284.68 in early afternoon trading.
The broader Standard & Poor's 500-stock index fell 7.93 points, or 0.72 percent, to 1,087.24.
The technology-heavy Nasdaq was down 14.98 points, or 0.67 percent, to 2,234.86.
U.S. wholesale prices fell a seasonally adjusted 0.5 percent in June, the biggest drop since February, the U.S. Labor Department reported Thursday.
The general economic indexes of the Federal Reserve Banks of Philadelphia and New York fell to 5.1 this month, reflecting the slowest pace of manufacturing expansion this year, the banks said.
At the same time, weekly jobless claims fell 29,000 to 429,000 initial jobless claims, the lowest level since August 2008, although claims lasting more than one week jumped, the Labor Department said.
In London, Britain's FTSE 100 index closed down 42.23 points, or 0.8 percent, at 5,211.29.
Japan's Nikkei 225 index dropped 109.71 points, or 1.12 percent, to close at 9,685.53.
The dollar weakened against the euro and the yen. The euro, in U.S. dollars, rose to $1.2894 from $1.2738 late Wednesday. The dollar fell to 87.44 yen from 88.28.
Demand for U.S. treasury notes grew, which pushed yields down to record lows. The yield on the 10-year note fell more than 0.6 percent to 2.979 percent. The yield on two-year notes fell 0.2 percent to 0.597 percent, after breaking through the previous record low set in late June.
NEW YORK, U.S. stock indexes fell 1 percent Thursday afternoon before moving up slightly as new signs of a cooling U.S. economy lowered hopes for a full-bodied recovery.
The Dow Jones industrial average tumbled 82.04 points, or 0.79 percent, to 10,284.68 in early afternoon trading.
The broader Standard & Poor's 500-stock index fell 7.93 points, or 0.72 percent, to 1,087.24.
The technology-heavy Nasdaq was down 14.98 points, or 0.67 percent, to 2,234.86.
U.S. wholesale prices fell a seasonally adjusted 0.5 percent in June, the biggest drop since February, the U.S. Labor Department reported Thursday.
The general economic indexes of the Federal Reserve Banks of Philadelphia and New York fell to 5.1 this month, reflecting the slowest pace of manufacturing expansion this year, the banks said.
At the same time, weekly jobless claims fell 29,000 to 429,000 initial jobless claims, the lowest level since August 2008, although claims lasting more than one week jumped, the Labor Department said.
In London, Britain's FTSE 100 index closed down 42.23 points, or 0.8 percent, at 5,211.29.
Japan's Nikkei 225 index dropped 109.71 points, or 1.12 percent, to close at 9,685.53.
The dollar weakened against the euro and the yen. The euro, in U.S. dollars, rose to $1.2894 from $1.2738 late Wednesday. The dollar fell to 87.44 yen from 88.28.
Demand for U.S. treasury notes grew, which pushed yields down to record lows. The yield on the 10-year note fell more than 0.6 percent to 2.979 percent. The yield on two-year notes fell 0.2 percent to 0.597 percent, after breaking through the previous record low set in late June.
