Dow falls 149 on weak economic news

Dow falls 149 on weak economic news

Postby Henry » Tue Jun 22, 2010 3:11 pm

The S&P 500 falls below 1,100. Energy stocks slide despite a federal judge's ruling that the administration goes too far in halting drilling permits. Existing-home sales surprise with a 2% fall.

Stocks fell back today under the weight of a weak report on housing, continued worries about Europe and dismay that the Obama administration will fight to keep a moratorium on new deepwater drilling permits in the Gulf of Mexico.

A federal judge in New Orleans lifted the ban and ordered a trial on the question.

The Dow Jones industrials ($INDU) fell 149 points, or 1.4%, to 10,294. The Standard & Poor's Index ($INX) fell 18 points, or 1.6%, to 1,095, and the Nasdaq Composite Index ($COMPX) fell 27 points, or 1.2%, to 2,262.

It was the Dow's worst showing since June 15, when the blue-chip index fell 213 points. The S&P 500 closed below 1,100 for the first time since June 14 and broke below two key technical indicators -- the simple 200-day moving average and the exponential 200-day moving average.

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