CCTV.com - CNTV English - CCTV News

US stocks fall on economic recovery worries

05-14-2010 10:28 BJT Special Report: Europe's Debt Crisis |

Watch Video

Play Video

US stocks fell on Thursday as downbeat comments on the economy from retail chain Kohl's cast doubt on the strength of the US recovery. Bank stocks were also weak. Reports are out that New York's attorney general is examining eight banks to determine whether they misled ratings agencies about mortgage securities.

It was a lackluster trading day with worries about the technology sector casting doubt on the strength of the economic recovery.

Cisco Systems fueled those jitters. The top executive at the world's largest maker of networking gear says he cautious about the U.S. economic rebound because the labor market remains rather weak.

Data out of the Labor Department seemed to confirm his worries. Unemployment claims did not drop as much as expected in the last week, while the number of Americans receiving extended benefits surprisingly rose.

Wall Street is facing new legal woes tied to its activities leading up to the subprime mortgage blow-up. Some of Wall Street's biggest international firms - Deutsche Bank, UBS, Morgan Stanley, Goldman Sachs, Citigroup and JP Morgan Chase are the subjects of a sweeping criminal probe, according to a source familiar with the matter. The Securities and Exchange Commission is working on that investigation. Meanwhile, the New York Attorney General has launched his own probe.

These investigations mean financial reform is now more likely, as lawmakers get an earful from their constituents, says Columbia University Law Professor John Coffee.


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