Another late-day sell-off drags U.S. stocks broadly lower

08:47, June 23, 2010      

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Wall Street sank and ended around session lows on Tuesday as another late-day sell-off helped major indexes suffer the biggest losses in three weeks.

The Dow Jones industrial average dropped 148.89 points, or 1.43 percent, to finish at 10,293.52. Out of the blue-chip average's 30 components, 27 ended lower, led by a 3.7 percent drop in shares of Alcoa Inc.

The Standard & Poor's 500 Index fell 17.89 points, or 1.61 percent, to 1,095.31 and the Nasdaq Composite Index was down 27.29 points, or 1.19 percent, to 2,261.80.

Major averages surrendered morning gains as an unexpected drop in U.S. existing home sales disappointed investors, who were eagerly expecting some strong economic data to regain confidence about the economic recovery.

According to the National Association of Realtors, existing home sales fell 2.2 percent in May to an annual rate of 5.66 million units from an upwardly revised 5.79 million units in April, while economists had expected a rise.

Meanwhile, renewed concerns over European debt crisis weighed on the market as Fitch Ratings cut its ratings on BNP Paribas SA, the largest bank in the euro zone by deposits. There has been mounting fears in the market that mounting debt problems in some European countries would derail the global economic recovery.

The euro retreated after gaining in eight of last ten sessions against the dollar, exerting downward pressure to the stock market. Equities tend to follow the euro as the 16-nation currency was regarded as a barometer of the health of European economy.

Traders also eyed on the Federal Reserve's rate-setting committee, who will release a statement on Wednesday after a two- day meeting, to see if there is any changes in the wording of the central bank's estimates on the economy.

Wall Street also ended lower on Monday, with the Dow snapping a four-day winning streak after erasing early gains, as market enthusiasm about China's currency move faded.

Source:Xinhua

(Editor:黄蓓蓓)

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