Thu, June 24, 2010
Business > Markets

US stocks retreat as recovery remains sluggish

2010-06-24 15:51:37 GMT2010-06-24 23:51:37 (Beijing Time)  SINA.com

Stocks and interest rates are falling sharply as investors grow more pessimistic about the economic recovery.

Reports on jobless claims and durable goods orders Thursday are contributing to investors' darker view of the economy. The reports follow the Federal Reserve's more cautious take on the recovery on Wednesday.

Interest rates are dropping in the Treasury market as investors opt for the smaller but safer returns that bonds offer. The yield on the 10-year note fell to 3.09 percent from 3.12 percent.

The Dow Jones industrial average is down 96.06, or 0.9 percent, at 10,202.38. The Standard & Poor's 500 index is down 13.70, or 1.3 percent, at 1,078.34. The Nasdaq composite index is down 26.67, or 1.2 percent, at 2,227.56.

(Agencies)

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