Dow, S&P turn negative for 2010

08:47, May 10, 2010      

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U.S. stocks continued to fall in early trading on Friday, with the Dow Jones industrial average and Standard & Poor's 500 turning negative for the year as traders preferred to stay on the sidelines after Thursday's unprecedented market plunge.

U.S. stocks saw a 10 percent correction in ten minutes on Thursday, sending investors in great panic. The Dow Jones industrial average experienced its largest-ever point decline in intraday trading, plummeting almost 1,000 points before recovering to close down about 348 points.

Speculation of bad trades emerged in the market as many traders suspected a glitch in the trading of Dow component Procter & Gambles played a role in the heavy selling.

Investors preferred to stay on the sidelines after the unprecedented plunge, even after payrolls data came in better than expected, as uncertainties over European debt problems were still haunting in the market.

According to the Labor Department, non-farm payrolls expanded by 290,000 in April, the most in four years as more confident employers stepped up hiring. The unemployment rate rose from 9.7 percent in March to 9.9 percent, mainly because 805,000 jobseekers resumed their searches for work as the economy showed more signs of recovery.

The Dow Jones industrial average dropped 112.75, or 1.07 percent, to 10,407.57. The Standard & Poor's 500 index fell 13.14, or 1.16 percent, to 1,115.01 and the Nasdaq was down 36.41, or 1. 57 percent, to 2,283.23.

Source:Xinhua

(Editor:黄蓓蓓)

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