Economic Worries Pummel US Stocks

Posted June 1st, 2011 at 4:30 pm (UTC-5)
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Weak economic data is sparking new concerns the U.S. economic recovery is stalling, sending the major stock indexes sharply lower Wednesday.

The Dow Jones Industrial Average dropped 2.2 percent to close at 12,290. The S&P 500 index plunged 2.3 percent to end at 1,315. And the NASDAQ dropped 2.3 percent to finish at 2,769.

European stock prices also fell, closing lower.

London's Financial Times index dipped 1 percent to close at 5,929. The CAC-40 in Paris fell 1 percent to end at 3,965. The DAX index in Frankfurt also slid 1 percent to finish at 7,217.

In Asia, Tokyo's Nikkei index gained more than one-quarter of a percent to finish at 9,720. Hong Kong's Hang Seng index lost nearly one-quarter of a percent to finish the day's trading at 23,626.

The price of gold rose more than $3 to trade at $1,538.80 an ounce.

The dollar traded lower against the yen and higher against the euro.