Stocks on Wall St slipped as disappointing earnings and uncertainty over the final shape of the financial overhaul bill weighed on the market.The Dow Jones Industrial Average closed down 1.4% at 10,152.80.JP Morgan Chase dropped 2.7% and Bank of America f
Stocks on Wall St slipped as disappointing earnings and uncertainty over the final shape of the financial overhaul bill weighed on the market.
The Dow Jones Industrial Average closed down 1.4% at 10,152.80.
JP Morgan Chase dropped 2.7% and Bank of America fell 2.1% as lawmakers sought to reach agreement on legislation that is expected to tighten financial industry controls more than expected.
Within the Dow, Home Depot was also weak, slipping 2.3%. Pfizer fell 2.4% after saying it would suspend osteoarthritis trials of its pain drug tanezumab.
The Nasdaq Composite declined 1.6% to 2217.42 while the S&P 500 index slipped 1.7% to 1073.70.
Other markets: Europe, Asia down
European stocks remained weak amid renewed worries about the health of the global economy.
Adding further pressure, Greek sovereign five-year credit default swaps hit a fresh record high at 9.58 percentage points.
The Stoxx Europe 600 Index fell 0.7% to 252.55. The UK FTSE 100 was down 0.7% at 5143.04, Germany's DAX dropped 0.6% to 6167.48 and France’s CAC-40 fell 1.0% to 3604.48.
Australian mining shares climbed on optimism new Prime Minister Julia Gillard will soften the government's stance on a controversial mining tax.
The S&P/ASX 200 closed down 0.1% at 4479.66,
Most other Asian stock markets closed little changed.
Japan's Nikkei Stock Average edged up 4.64 points to 9928.34, Korea's Kospi climbed 0.8% to 1739.87, the Shanghai Composite Index slipped 0.1% to 2566.75 and Hong Kong's Hang Seng index shed 0.6% to 20733.49.
Commodities: Oil down, gold up
Crude oil futures were slightly weaker, continuing a decline spurred by disappointing US economic and oil-inventory data that suggests a slow rise in demand.
Light, sweet crude for August delivery traded 42USc lower at $US75.93 a barrel in New York. Crude last settled below $US76 on June 14. August Brent crude on the ICE futures exchange traded down 17USc at $US76.10 a barrel.
Gold futures were near steady after erasing slight losses as the US dollar eased from the day's highs.
The most-actively traded contract for August delivery was up $US2.60, or 0.2%, at $US1237.40 an ounce in New York.
Currencies: Dollar down, euro up
The dollar fell as unsettled investors drifted into other currencies, including the euro.
Better-than-expected US data for durable-goods orders and initial jobs claims helped calm some concerns, though they weren't strong enough to provide an overall boost to riskier assets.
The euro recently was at $US1.2375 from $US1.2310 late on Wednesday in New York. The dollar was at ¥89.30 from ¥89.88, while the euro was at ¥110.47 from ¥110.64. The UK pound was at $US1.4961 from $US1.4951.
