A late selloff spooked US stocks on news of a bomb blast in Athens while a probe into mortgage-bond deals widened to 9 banks and profit forecasts by tech company Cisco Systems and retail chain Kohl’s Corp cast doubts on the US recovery. The euro slid on concern governments won’t cut deficits fast enough to halt the debt crisis. Oil and gold fell, while Treasuries rose.
(8:47:49 AM) : The blue-chip Dow Jones Industrial Average fell 114 points (-1.1%) to 10,783. The tech-heavy Nasdaq Composite lost 31 points (-1.3%) to 2,394 while the broad-market S&P 500 lost 14 points (-1.2%) to 1,157. Financial firms and technology companies were the biggest drags on the market.
Latest US initial jobless claims report showed the number of fell only slightly last week, which failed to back up sharply improving monthly payrolls data and suggested the unemployment rate will remain high.
The S&P retail index fell 3% as investors remained cautious ahead of April retail sales data on Friday following last week's poor same-store sales data for the same month.
Home builders' shares also fell sharply on concerns over the sector's prospects now that a government tax credit for home buyers has expired. The DJ index of home builders' shares fell 4%
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