Wednesday, June 1, 2011
Wall Street falls as manufacturing slows
Europe: investors awaited US economic data.
Wall Street ended a four-day rally with its worst session since August and could suffer more losses in coming days as investors faced more signs the economic recovery is fading.
The Dow Jones industrial average was down 279.42 points, or 2.22 percent, at 12,290.37. The Standard & Poor's 500 Index was down 30.66 points, or 2.28 percent, at 1,314.54. The Nasdaq Composite Index was down 66.11 points, or 2.33 percent, at 2,769.19.
The Dow Jones industrial average was down 279.42 points, or 2.22 percent, at 12,290.37. The Standard & Poor's 500 Index was down 30.66 points, or 2.28 percent, at 1,314.54. The Nasdaq Composite Index was down 66.11 points, or 2.33 percent, at 2,769.19.
European shares ended sharply lower as risk appetite waned after data showed a slowdown in US manufacturing activity in May and a much lower than expected increase in US private sector employment.
The FTSEurofirst 300 index of top European shares ended 1 percent lower at 1,131.01 points after falling to a low of 1,128.16 earlier in the session.The Nikkei average rose to a three-week closing high today, but caution on the pace of economic recovery in the United States and the growing prospect of a split in Japan's ruling party were seen keeping further gains in check.
The benchmark Nikkei climbed 0.3 percent to 9,719.61, extending its gain of 2 percent the previous day to close at its highest level in three weeks. But resistance is seen at its 200-day moving average just above 9,800. The broader Topix index edged up 0.1 percent to 839.4.
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