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Dow falls below 12K; stocks drop 6 weeks straight
Stock Market News |
2011/06/10 23:49
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Fears that the global economic recovery has stalled pushed the Dow Jones industrial average below 12,000 for the first time since March and drove the stock market lower for the sixth straight week.
Friday's drop extended the longest weekly losing streak for stocks since the fall of 2002.
Weak economic news has dampened hopes for a steady recovery, sending stocks down. Traders worry that weaker hiring, sluggish industrial output, and a moribund housing market are reversing a bull market that has lifted the Dow 20 percent over the past year.
If the indexes continue their slide for another week, it would be the first time in 10 years that the market suffered a seven-week stretch of losses. The last such stretch began in May 2001 as the dot-com bubble deflated.
The Dow fell 172.45 points, or 1.4 percent, to close Friday at 11,951.91. The S&P 500 index fell 18.02, or 1.4 percent, to 1,270.98. The Nasdaq dropped 41.14, or 1.5 percent, to 2,643.73.
The Nasdaq is now down slightly for the year, as is the Russell 2000 index of small company stocks. The Dow is still up 3.2 percent for 2011 and the S&P 1.1 percent.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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