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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Stocks swoon in afternoon sell-off

Stocks didn't wait until the last hour to begin their sell-off today, instead starting their decline shortly after lunch, leading to a triple-digit decline in the Dow and declines in the other two major indexes.

The Dow closed down 1.4 percent at 10,293.52, a149-point dive. The Dow is still up 1.6 percent for June, but is down 1.3 percent for the year.

The broader S&P 500 closed down 1.6 percent at 1,095.31.

The tech-heavy Nasdaq closed down 1.2 percent at 2,261.80.

Stocks were hurt today by the surprise decline in May existing home sales, released this morning, and more worries about earnings in the energy sector. Some energy shares, however, spiked this afternoon when a federal judge overturned President Obama's six-month moratorium on deep-water drilling.

Monday's brief yuan rally proved to be non-transferable to Tuesday trading.

By Frank Ahrens  |  June 22, 2010; 4:22 PM ET
Categories:  Wall Street  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Existing home sales take surprise tumble
Next: The economic lessons of the Argentina-Greece World Cup match

Comments

Obama = No Confidence.
The hint of a lawsuit on the 48th State, rather than a military response to the Aztlan war, means no confidence.
Get used to it , now that China has lost confidence the whole World will follow them...not the Noble prize looney.

Posted by: dottydo | June 22, 2010 8:18 PM | Report abuse

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