Follow our blogs on Twitter: .biz blog | Centsible Saver | Tech Junkie | Mouthful | Green Scene | Warm TV

Published Thu, Feb 23, 2012 04:20 AM
Modified Wed, Feb 22, 2012 07:49 PM

Investors pull back after surge

Article

0 COMMENTS

Email Print Order Reprint

Share This

Text

tool goes here

BY SAMANTHA BOMKAMP - Associated Press

NEW YORK -- A day after the Dow fleetingly topped 13,000, investors took a break.

Stocks closed lower Wednesday for the first time in four trading days. The Dow Jones industrial average lost 27.02 points to finish at 12,938.67. The day before, it briefly passed 13,000 for the first time since May 2008.

Some investors worried about the details of the bailout deal reached for Greece. But analysts said investors were mostly in a holding pattern after seeing the market hit an important psychological mark.

"The market is pausing for the next slew of good news," said Doug Cote, chief market strategist at ING Investment Management. "The real U.S. economy continues to march along while the attention is on Europe."

All three major averages are well ahead for the year. The Dow is up 5.9 percent, the S&P, 8 percent; and the Nasdaq, 12.6 percent.

"Right now we're just seeing a few speed bumps," said Todd Salamone of Schaeffer's Investment Research.

Get the biggest news in your email or cellphone as it's happening. Sign up for breaking news alerts.

Email Print Order Reprint

More Economy

Crippled law firm files for bankruptcy
Dewey & LeBoeuf, the law firm crippled by financial miscues and partner defections, filed for bankruptcy on Monday night, punctuating the largest law firm collapse in U.S. history.
Facebook's stock falls below $30 for first time
Facebook's stock has fallen below $30 for the first time since its much-awaited public debut this month.
Americans grew gloomier about the economy in May
Americans grew much gloomier about the economy in May, causing a critical measure of consumer confidence to suffer its biggest decline in eight months and ending a period of steady optimism.
Home prices rise in most major US cities
Home prices rose in March from February in most major U.S. cities for the first time in seven months. The increase is the latest evidence of a slow recovery taking shape in the housing market.
Embittered Facebook investors ponder next move
To say that Facebook's debut as a public company was bungled is something like saying Facebook is a website you might have heard of.
Recession generation has adulthood on hold
Alyssa Kjellberg still can’t believe it. Two years beyond college, her career path has led only to jobs at a greenhouse, a hotel front desk, an aunt’s office and a seasonal landscaping company – all paying less than $12 an hour.
Men chase success in jobs traditionally held by women
Wearing brick-red-hued scrubs and chattering in Spanish, Miguel Alquicira settled a tiny girl into an adult-size dental chair and soothed her through a set of X-rays. Then he ushered the dentist, a woman, into the room and stayed on to serve as interpreter.
To find a job, get your space and yourself organized
Dealing with unemployment requires an organized mind, a place for everything and a good tool kit.
Triangle jobless rate dips slightly to 7.7 percent in April
The unemployment rate declined to 7.6 percent in Raleigh, and remained unchanged in Durham at 7.4 percent. The Triangle’s unemployment rate remains well below the state rate of 9.4 percent.
May's consumer confidence at highest level since 2007
WASHINGTON-Despite Europe's economic troubles, American consumers are feeling better about the economy than at any time since the start of the Great Recession.