Wall Street edges down
US stocks extended a losing streak for a fifth day on Tuesday on mounting concerns about the economy after bearish comments from Federal Reserve Chairman Ben Bernanke.
The Dow Jones industrial average slipped 19.15 points, or 0.16 percent, to end at 12,070.81. The Standard & Poor's 500 Index declined 1.23 points, or 0.10 percent, to 1,284.94. The Nasdaq Composite Index shed 1.00 point, or 0.04 percent, to finish at 2,701.56
The S&P 500 has undergone a string of losses, falling more than 5 percent since a recent high at the start of May. Yesterday it closed at its lowest level since March 18 and some investors look for further volatility and a possible move lower before equities stabilize.
European shares fell for the fifth straight day on Tuesday, with investors worried by slowing economic growth and the euro zone peripheral debt crisis.The FTSEurofirst 300 index of top European shares fell 0.1 percent to 1,104.05 points, the lowest close since mid-March. It has lost 3.3 percent in the five sessions in June.Utilities were among the gainers, with E.ON up 2.2 percent after UBS added the company to its "key call" list, saying the stock's 20 percent underperformance in 2011 was unwarranted. The STOXX Europe 600 utilities index .SX6P rose 0.8 percent.
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC 40 rose 0.2-0.5 percent.
Tokyo shares snapped a three-day losing streak in which the market slid 3 percent, as hedge funds covered short positions and as foreigners bought back on cheap valuations, a factor that, some say, may support the market in coming weeks. Japan's benchmark Nikkei average closed up 0.7 percent at 9,442.95 and the broader Topix also gained 0.7 percent to 813.76.
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