NEW YORK - US stocks fell 1.8 per cent after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers.
The Commerce Department’s report that gross domestic product grew at a 1.9 per cent pace in the second quarter disappointed investors.
Investors were also concerned about Labor Department data saying that the number of people seeking jobless benefits jumped to the highest level in five years.
The Dow Jones Industrial Average lost 205.67 points, or 1.78 per cent, to 13,3787.02 and the Standard & Poor’s 500 broad-market index dropped 16.68 points to 1,267.38.
The tech-heavy Nasdaq composite declined 4.17 points to 2,325.55.
The yield on the 10-year US Treasury bond fell to 3.979 per cent from 4.048 per cent Wednesday and that on the 30-year bond dropped to 4.603 per cent from 4.638 per cent.
LONDON -European stocks closed generally weaker on US and eurozone data that dented market sentiment and in response to mixed corporate results.
In London the FTSE 100 index shed 8.80 points to 5,411.90.
FRANKFURT - The DAX gained 19.44 points to 6,479.56.
PARIS - The CAC 40 jettisoned 8.19 points to 4,392.36.
TOKYO - Japanese stocks closed little changed after a day spent as the market awaited a raft of corporate earnings and key US data.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 9.02 points to 13,376.81.
HONG KONG - Hong Kong share rose modestly, reflecting cautious trade ahead of key US economic data and interim corporate results.
The benchmark Hang Seng Index rose 40.5 points to 22,731.1.
WELLINGTON - The benchmark NZSX-50 index advanced 48.52 points to 3336.28.
SYDNEY - The Australian stock market is expected to fall about one per cent after Wall St was rocked by disappointing US economic growth and job market figures.
On the Sydney Futures exchange, the September share price index futures contract fell 48 points, or 0.96 per cent, to 4,930.
Today, the Australian Industry Group/PricewaterhouseCoopers Australian Performance of Manufacturing Index for July is released.
So to the Securities/Melbourne Institute inflation gauge for July and the Reserve Bank of Australia commodity price index for July.
Australian shares closed firmly in the black yesterday for the second consecutive day, driven by a positive US lead and higher prices overnight for copper, nickel and oil.
The benchmark S&P/ASX200 index added 40.7 points, or 0.82 per cent, to 4,977.4 while the broader All Ordinaries gained 43.9 points to 5,052.6.
NYMEX
Oil prices ended lower, pulling back from the previous day’s rally, as disappointing data on the US economy signaled further cutbacks in energy demand for the world’s thirstiest consumer.
In another sign Americans are driving less, US filling stations hungry for business continued to ratchet down retail gas prices, with a gallon of regular falling on average 1.7 US cents to $US3.909, according auto club AAA, the Oil Price Information Service and Wright Express.
Light, sweet crude for September delivery fell $US2.69 to settle at $US124.08 a barrel on the New York Mercantile Exchange, a day after the contract soared more than $US4 in the biggest one-day jump in two weeks.
COMEX
Gold strengthened as fear about a slowing US economy stimulated more interest in the perceived safe haven investment.
Gold for August delivery rose $US11.00 to settle at $US913.90 an ounce on the New York Mercantile Exchange.
September silver gained 32.5 US cents to settle at $US17.79 an ounce
Copper for September delivery firmed $US1.55 cents to $US366.15 a pound on the New York Mercantile Exchange.
