Stocks slide on Wall Street for 6th straight day
Traders work in a booth on the floor of the New York Stock Exchange in Manhattan last week. The Dow, down as much as 112 points in early trading, recovered to close with a loss of 31.26 points at 12,573.27 on Thursday. (July 3, 2012) Credit: AP
U.S. stocks slid for a sixth day Thursday as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. The Dow Jones industrial average and Standard & Poor's 500 index had their longest losing streaks since mid-May.
Billionaire investment guru Warren Buffett set a gloomy tone before the market opened, telling CNBC that weak demand is hurting his retail, jewelry and carpet businesses.
Other companies appear to be struggling as well. Fastenal, a U.S. industrial distributor, reported revenue Thursday that was weaker than analysts were expecting. Hotel operator Marriott and Progressive, an insurance company, both plunged after reporting weak financial results.
Traders also sweated about Europe's debt crisis and new Chinese economic data due out Friday.
The Dow, down as much as 112 points in early trading, recovered to close with a loss of 31.26 points at 12,573.27. Dow component 3M fell $1.44, or 1.64 percent, to $86.41. Demand for the manufacturing conglomerate's products would weaken if the global economy faltered.
The S&P fell 0.50 percent to close at 1,334.76. The Nasdaq composite index fell 0.75 percent to close at 2,866.19.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
