Economic concerns beat Wall Street in late-day slide

16:00, September 24, 2010      

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  A trader works on the floor of the New York Stock Exchange September 23, 2010. U.S. stocks closed lower after a final-hour slide on Thursday as a series of economic reports from European and U.S. markets weighed down market sentiment. (Xinhua/Reuters Photo)

  U.S. stocks closed lower after a final-hour slide on Thursday as a series of economic reports from European and U.S. markets weighed down market sentiment.

  Stocks lost ground in the final trading hour. Major indexes erased early modest gains and ended lower. The Dow Jones industrial average and the Standard &Poor's 500 index losing more than 0.5 percent.

  The U.S. Labor Department reported that the number of people filing for first-time unemployment benefits rose 12,000 to 465,000 in the week ended on Sept. 18, while analysts were expecting the number to stay unchanged.

  Worries about the strength of economic recovery in Europe also pressured on stocks, with European markets dropped sharply after a survey of purchasing managers in the eurozone dropped more than expected. Moreover, Ireland reported a 1.2 percent slump in the second-quarter economic growth.

  The Dow fell 76.89 points, or 0.72 percent, to 10,662.42. The S& P 500 lost 9.45 points, or 0.83 percent, to 1,124.83 and the Nasdaq dipped 7.47 points, or 0.32 percent, to 2,327.08.

  Not all economic reports are negative, but investors remained cautious as they questioned the health of the recovery.

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