Economic news drags down stocks

June 16, 2009 1:11:52 PM PDT
Another batch of lackluster economic data gave investors reason to pull money out of stocks for a second day. Stocks slid Tuesday as a seventh straight monthly drop in industrial production overshadowed better-than-expected data on home construction, building permits and inflation.

The drop extends the market's big loss on Monday. Investors are nervous that a three-month surge in stocks might have been premature, based on optimism about a recovering economy.

According to preliminary calculations, the Dow Jones industrial average is down 107 at 8,504. The blue chips fell 187 points Monday. The S&P 500 index is down 11 at 911, and the Nasdaq is down 20 at 1,796.

About two stocks fell for every one that rose on the New York Stock Exchange, where volume came to a light 1.1 billion shares.


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