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US stocks dip on recovery concerns

Last Updated: Friday, December 4, 2009 - 08:33

New York: US stocks dipped as investors mulled a mixed batch of economic data that cast a cloud over hopes for an improved recovery from recession and braced for a key jobs report.

The Dow Jones Industrial Average fell 86.91 points (0.83 percent) to 10,365.77 at the market close. The Nasdaq composite slid 12.01 points (0.55 percent) to 2,173.02 and the broad-market Standard and Poor`s 500 index dropped 9.23 points (0.83 percent) to a preliminary 1,100.01.

The market had spent much of the session nearly unchanged "as traders grapple with a plethora of data, which is injecting some uncertainty into the economic recovery argument," said Charles Schwab & Co analysts in a note to investors.
The action came a day ahead of the government`s November labour report, expected to show the unemployment rate held steady at 10.2 percent and the economy shed 125,000 non-farm jobs, down from 190,000 in October.

Bureau Report

First Published: Friday, December 4, 2009 - 08:33
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