Friday, June 3, 2011
Wall Street skids to 5th week of losses, hope endures
Shares edge down.
Wall Street closed out a fifth week of losses with more selling after an anemic jobs report strengthened the case that the economy was slowing, though analysts said indexes may stabilize in the near-term.
The Dow Jones industrial average slid 97.29 points, or 0.79 percent, to end at 12,151.26. The Standard & Poor's 500 Index fell 12.78 points, or 0.97 percent, to 1,300.16. The Nasdaq Composite Index dropped 40.53 points, or 1.46 percent, to 2,732.78.
European stocks ended lower on Friday and posted their sharpest weekly loss in two and a half months, as disappointing U.S. jobs data added to concerns over the economic recovery.The FTSEurofirst 300 index of top European shares closed 0.4 percent lower at 1,111.51 points, after falling to as low as 1,102.00 points in afternoon trade, a level not seen since March 21. The index posted a weekly loss of 2 percent.
The Nikkei average fell as traders fretted that US jobs data due later in the day could cement fears of slower growth and spur further weakness in global equity prices.The Nikkei fell 0.7 percent to 9,492.21 after a rise earlier in the day led by large-lot buying in futures and has shed 0.3 percent over the week. The broader Topix fell 1.1 percent to 816.57.
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