US stocks fall on weakening recovery

The US Dow Jones closes lower for the third day


Source: Press TV
http://www.presstv.ir/detail.aspx?id=138494§ionid=3510213


Wall Street indexes continue to plunge as traders witness more signs that the global economy is slowing including a rise in the number of unemployment claims.

The blue chip index fell 58.88 points, or 0.57%, to 10319.95 on Thursday, adding to a 320-point drop over the prior two sessions as poor data on US weekly jobs and a fall in euro-zone industrial production added to investors' concerns about a possible double-dip recession, the New York Times reported.

New jobless claims announced on Thursday only added to the sour mood.

The US Labor Department said new unemployment claims hit a six-month high last week as 484,000 Americans signed up for jobless assistance.

These are the latest of several disappointing developments that included an acknowledgment by US Federal Reserve officials that the pace of recovery is likely to be more modest than anticipated.

Stock markets across the world sharply dropped on Thursday over growing fears about the slowing of global economic recovery and troubling financial news.

Europe's main stock markets tumbled as bourses in London, Frankfurt and Paris opened quite depressed.

The losses came after financial markets slumped in the US and Europe amid disturbing financial news.

On Thursday, shares in Tokyo dropped 2.02 percent and South Korean stocks plunged by 1.01 percent.

Stock markets in Sydney and Hong Kong also fell by 1.42 percent and 1.09 percent respectively in early Thursday trade.