U.S. stocks end lower after choppy session

09:04, June 02, 2010      

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U.S. stocks ended a choppy session mostly lower on Tuesday as investors tried to find direction amid a batch of mixed data and economic concerns.

Shares fluctuated most of the day and tumbled in the last 20 minutes of trading. One major concern was the health of European banks.

European Central Bank warned late Monday that although it estimates that potential loan write-down for the continent's bank system will peak this year, "it is probable that loan losses will remain considerable in 2011 as well."

The euro moved up and down on Tuesday and as of late afternoon it traded lower against the dollar. Investors also felt nervous as data showed manufacturing expansions slowed down in China, adding to concerns that global economic rebound was losing steam.

Upbeat economic data seemed not enough to lift the market. The Department of Commerce reported that construction spending jumped 2.7 percent in April, far exceeding economists' expectations for a 0.2 percent gain and also the largest monthly increase in nearly ten years.

Meanwhile, the Institute for Supply Management's survey of purchasing managers reported a May reading of 59.7, which fell from April's level of 60.4 but was still slightly stronger than market expectation. The Dow Jones industrial average lost 112.61, or 1.11 percent, to 10,024.02.

The Standard & Poor's 500 index tumbled 18.70, or 1. 72 percent, to 1,070.71 and the Nasdaq dropped 34.71, or 1.54 percent, to 2,222.33.



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