DOW under 10,000 for first time in four months - KCBD NewsChannel 11 Lubbock

5/26/10

DOW under 10,000 for first time in four months

NEW YORK (AP) - A late-day stock market selloff has given the Dow Jones industrial average its first close under 10,000 in nearly four months.

After sending stocks higher for much of the day on upbeat U.S. economic reports, traders gave in to persistent worries about Europe. The catalyst for the last-hour drop was a slide in the euro. Traders have been looking to the euro as a measure of confidence in European countries' to overcome the region's massive debt problems.

The Dow, up as much as 135 points in afternoon trading, fell 69, or 0.7 percent, to 9,974. The average last closed below 10,000 on Feb. 8.

The Standard & Poor's 500 index closed down 6, or 0.6 percent, at 1,067. The Nasdaq composite index lost 15, or 0.7 percent, to close at 2,195.

Advancing stocks were ahead of losers by about 2 to 1 on the New York Stock Exchange. Volume came to 1.9 billion shares.

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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