Stocks down, but Dow inches higher

Posted on Sep 21, 2012 in Business | 0 comments

Stocks slumped in Asia, Europe and on Wall Street Thursday with a report indicating Europe”s recession will not turn around soon.

Research firm Markit said the Purchasing Managers Index for the 17-nation eurozone slipped further into the red in September with the index for the region dropping from 46.3 in August to 45.9. Numbers below 50 in the index indicate business contraction.

The index for the United States managed to remain unchanged at 51.5, Markit said. The Labor Department, meanwhile, said first time jobless claims fell by 3,000 to 385,000 in the week ending Saturday.

By close of trading in New York, the Dow Jones industrial average inched higher, adding 18.97 points, or 0.14 percent, to 13,596.93. The tech-dominated Nasdaq Composite index shed 6.66 points, or 0.21 percent, to 3,175.96. The Standard and Poor”s 500 gave up 0.79 points, or 0.05 percent, to 1,460.26.

On the New York Stock Exchange, 1,191 stocks advanced and 1,831 declined on a volume of 3.3 billion shares traded.

The benchmark 10-year treasury rose 4/32 to yield 1.767 percent.

The euro fell to $1.297 from Wednesday”s $1.3049. The U.S. dollar fell to 78.24 yen from 78.38 yen.

In Tokyo, the Nikkei 225 index lost 1.57 percent, 145.23 points, to 9,086.98.

In London, the FTSE 100 index lost 0.57 percent, 33.84, to 5,854.64.

Copyright 2012 by United Press International