by YAHOO! SEARCH
Anxiety over economy weighs on stocks
Updated: August 21, 2010, 12:31 AM
NEW YORK — Investors can’t shake their worries that the economy won’t recover by the end of the year.
That tone could improve today thanks to a narrower-than-expected loss from Alcoa Inc., which ushered in the second quarter earnings season after the closing bell Wednesday. The aluminum producer’s shares rose 6 percent in after-hours trading.
Traders also will also be watching retail sales figures coming out today to see if slippage in consumer confidence translated into a weaker take at cash registers.
Another tumble in oil prices dragged energy shares lower on Wednesday and reflected concerns that demand for resources will remain weak as the economy struggles. More stocks fell than rose on the New York Stock Exchange, but major indicators ended mixed.
The Dow Jones industrials rose 14.81, or 0.2 percent, to 8,178.41.
The broader Standard & Poor’s 500 index fell 1.47, or 0.2 percent, to 879.56 and the Nasdaq composite index rose 1.00, or 0.1 percent, to 1,747.17. Both the Dow and S&P 500 hit levels not seen since May 1.
About two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 5.9 billion shares compared with 4.6 billion Tuesday.
The International Monetary Fund said Wednesday it expects the world economy to shrink by 1.4 percent in 2009, slightly worse than its earlier estimate of 1.3 percent. But it boosted its estimate for global economic growth in 2010 to 2.5 percent, up from its April projection of 1.9 percent.
Meanwhile, oil prices fell for a sixth straight day, dropping $2.79 to settle at $60.14 a barrel, tumbling sharply from an eight-month high of $73 in just one week.
The falling price of oil has contributed to selling on world exchanges this week. The major U. S. indexes lost at least 2 percent Tuesday, including the Dow, which fell 161 points.
advertisement
Entertainment Calendar
Best bets:
- Fri 2/10: Brian Regan
- Fri 2/10: Don Felder -- An Evening at the Hotel California
- Sat 2/11: Rita Coolidge
- Sat 2/11: Sha Na Na
- Sat 2/11: Chris Webby
- Sat 2/11: Buffalo Philharmonic Orchestra: Tchaikovsky Piano Concerto
- Sat 2/11: Don Felder -- An Evening at the Hotel California
- Sun 2/12: Buffalo Philharmonic Orchestra: Tchaikovsky Piano Concerto
- Sun 2/12: Bill Medley
- Mon 2/13: The Low Anthem
- Tue 2/14: DL Hughley and Friends
- more events »
The Feed / What’s Happening Now
Too early to say how weird winter will affect plants
Officials tweak reconfiguration plan, seeking additional spending cuts
NFTA must stop tinkering —and reform
Police raids target massive drug ring
Sabres show some gumption in beating Bruins
Woman, 24, found dead in car
Catholic institutions here cover birth control
Answers to the many questions in Le Roy
Bills hire a quarterback mechanic in Lee
Driver killed as collision closes Thruway lanes
Sabres find the missing ingredients
Lady Justice’s blindfold gets thrown away
Stay Informed
Newsroom Tips
Have a news tip you think The Buffalo News should investigate?
Call The News tip line at 849-4475 or email us at investigations@buffnews.com.
All calls and emails will be kept confidential.
Buffalo Marketplace
Marketplace videos
Watch the latest offers, products and services from our advertisers.
Browse our print ads
It's the ultimate advantage for Buffalo consumers. Never miss another ad again!
Buffalo Savers: coupons
Buffalo coupons at your fingertips.
Just click and print. It's Easy!

