Stocks End Lower for a Third Consecutive Day on Euro Zone Debt Crisis, Recession Worries


Stocks ended lower for a third straight day in trading today as investors took risk off the table on concerns over the euro zone debt crisis and fears of a double-dip recession. However, all three major indexes pared some of their losses in late trading to finish off the day’s lows.

The Dow Jones ended the day 0.90% lower at 11,139.30, the S&P 500 ended the day 0.74% lower at 1,165.24, and the Nasdaq ended the day 0.26% lower at 2,473.83.

All sectors in the S&P 500 ended the day in red. The decline in the S&P 500 was led by Conglomerates, which ended the day 2.93% lower. Energy stocks also fell sharply in trading today, ending the day 1.36% lower. Financials ended the day 1.84% lower. Basic Materials stocks ended the day 0.98% lower.

Among the major losers in trading today were Deer Consumer Products Inc. (NASDAQ: DEER), which ended the day 16.56% lower at $4.03, Bank of America Corporation (NYSE: BAC), which ended the day 3.59% lower at $6.99, Citigroup Inc. (NYSE: C), which ended the day 2.46% lower at $27.70, General Electric Co. (NYSE: GE), which ended the day 3.24% lower at $15.25, and UBS AG (NYSE: UBS), which ended the day 10.58% lower at $12.34.

Among the major gainers in trading today were Pharmasset Inc. (NASDAQ: VRUS), which ended the day 9.86% higher at $70.53, and Temple-Inland Inc. (NYSE: TIN), which ended the day 25.25% higher at $30.85.

In the commodities market, oil prices fell to their lowest level in more than a week on global growth worries. Crude oil for delivery in October on the New York Mercantile Exchange fell $0.43 to $86.02 a barrel, the lowest settlement price since August 26.

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