Just when everyone was getting optimistic about the market. Stocks declined for the second trading session Thursday as new reports revealed an unexpected drop in home sales and falling prices of commodities.
Indexes were at one-year highs prior to Wednesday’s decline.
Early tallies revealed that the Dow lost 0.5% or 45 points. The Standard & Poor lost 0.9% or 10 points. Tech-heavy Nasdaq fell 1.1% or 23 points.
The trading day started out with a positive tone as report from the Labor Department revealed that jobless claims fell for the third straight week, hinting that the job market is finally improving.
However, the dismal housing report and the drop in commodity prices prompting another losing day for investors.
Many were hoping that the rally will be sustained as The Fed declared that the recession is over. The recovery, however, remains to be slow.
Source: CNN
