Stocks In Freefall (DJIA, SPX, GE, AA, CSX, ETH)
August 19, 2010 11:13 AM
The major averages are under extreme selling pressure today after a flurry of bleak economic reports soured the mood on Wall Street.
The Dow Jones Industrial Average (DJIA) is off 182 points, or 1.75%, to 10,232. All 30 Dow components are lower with General Electric (NYSE: GE) and Alcoa (NYSE: AA) down the most.
The S&P 500 (SPX) is off 1.95% to 1,072.
Cyclical sectors are leading the way down, with materials, industrials and consumer dicretionary stocks off sharply. Railroad operator CSX Corporation (NYSE: CSX) is off 3.50%, while retailer Ethan Allen (NYSE: ETH) is down 6.55%.
The catalysts for today's move downward were weak reports on manufacturing and jobless claims.
The Philadelphia Federal Reserve reported economic activity in the Mid-Atlantic region fell by 7.7 percent in August.
The Labor Department said first-time claims for jobless benefits rose by 12,000 to 500,000 for the week ended August 14. Economists had expected initial claims to come in at 480,000.
