Stocks Continue to Slide on Economic Woes
Todays stock market news .attention!!!
Stocks are continuing to slide in early trading on worries over the strength of the U.S. economic recovery. The economic data released in the past few days indicates that the U.S. economy is slowing down. Stocks are also falling on worries that rating agencies will downgrade U.S. triple-A credit rating despite a resolution on the debt ceiling issue.
The Dow Jones is currently trading 0.80% lower at 12,035.54, the S&P 500 is currently trading 1.05% lower at 1,273.40, and the Nasdaq is currently trading 0.80% lower at 2,722.77.
All sectors in the S&P 500 are down sharply at the moment. Conglomerates are leading the decline in the S&P 500, down 1.98% currently. Transportation stocks also down sharply for a second straight day. At last check, Transportation stocks were trading 1.82% lower. Basic Materials stocks are currently trading 1.28% lower. Energy stocks are down 1.06% currently.
Among the major losers in trading currently are MetroPCS Communications Inc. (NYSE: PCS), which is currently trading 32.32% lower at $10.95, DineEquity Inc. (NYSE: DIN), which is currently trading 13.97% lower at $46.07, Leap Wireless International Inc. (NASDAQ: LEAP), which is currently trading 16.85% lower at $10.81, Coach Inc. (NYSE: COH), which is currently trading 5.97% lower at $61.39, and Archer Daniels Midland Company (NYSE: ADM), which is currently trading 3.87% lower at $29.30.
Among the major gainers in trading currently are Foster Wheeler AG (NASDAQ: FWLT), which is currently trading 7.48% higher at $28.44, and Cognizant Technology Solutions Corp. (NASDAQ: CTSH), which is currently trading 3.98% higher at $73.51.
Earlier today, the Commerce Department reported a 0.2% decline in consumer spending in the month of June. Investors are now awaiting a separate report from the Commerce Department that will show auto and truck sales in the month of July.