- CNTV English - CCTV News

Homepage > News > Biz >

S&P, Nasdaq close at 2010 lows on global slowdown concerns

06-30-2010 08:49 BJT

NEW YORK, June 29 (Xinhua) -- U.S. stocks tumbled on Tuesday, with both the S&P and Nasdaq settling at their lowest levels in 2010, as downbeat economic news made investors worry that the global economic rebound was weakening.

The Dow Jones industrial average ended 268.22 points lower to 9, 908.92, after once tumbling more than 300 points during the session.

The Standard & Poor's 500 index plummeted 33.33 points, or 3.10 percent, to 1,041.24 and the Nasdaq slumped 85.47 points, or 3.85 percent, to 2,135.18. Both indexes were at their lowest closing levels for the year.

Asian and European markets were broadly down, with the Shanghai Composite falling more than 4 percent to the lowest level in 14 months, after the Conference Board, a New York-based research group, revised its leading economic index for China to show the smallest gain in five months in April.

Industrial companies and natural-resource firms were among the hardest hit as investors worried a slowdown in China, one of the main drivers in global economic recovery, will result in the decrease in demand.

Europe was also a major issue. With labor strikes continue in Greece and Spain, more and more people are predicting that neither of the countries will be successful in their austerity measures or cutting their debt enough without some additional aid, which push Credit default swaps spreads in Greece and Spain to their new highs.

Adding to the pressures, U.S. consumer confidence fell sharply in June amid the gloomy labor market. According to another report from the Conference Board, its Consumer Confidence Index dropped to 52.9 in June from 62.7 in May, while economists were expecting the reading to slip to 62.

A separate report showed U.S. home prices rose in April, but failed to provide support for the market. The S&P/Case-Shiller home price index, which measures home prices in 20 large metropolitan areas, rose 0.8 percent, boosted by the expiration of the federal first-time home-buyer tax credit.

Investors fled to safety assets, sending the dollar, gold and Treasuries higher. Yields on two-year Treasury notes fell to the lowest on record on Tuesday.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program