U.S. Stocks Dip After Stronger September
Posted on Sep 27, 2010
The good news is that the U.S. stock market has enjoyed its “strongest September in 71 years” thus far this month, according to The Wall Street Journal. The bad news is that September ain’t over yet, and that hopeful trend didn’t quite last through Monday. —KA
The Wall Street Journal:
Kicking off the final week of the strongest September in 71 years, the Dow Jones Industrial Average fell 29 points, or 0.3%, to 10832, in recent trading. On Friday, the Dow index rallied 1.9%, posting its highest close since May 12 and gained 2.4% in the last week. The Dow is currently on pace to post its best September performance since 1939.
The Nasdaq Composite shed 0.4% to 2372. The Standard & Poor’s 500-share index lost 0.4% to 1145, weighed down by its financial and health-care sectors.
Financials slipped as concerns mounted over the health of European banks after Moody’s downgraded the debt of Anglo Irish Bank by three notches because the bank is expected to require further government support. Meanwhile, investors questioned the reliability of U.S. financials’ balance sheets.
AP / Henny Ray Abrams
A statue of George Washington on the steps of Federal Hall overlooks the New York Stock Exchange.