Labour figures and metal miners drag on Wall St
US stocks fell yesterday as manufacturing and labour market data heightened fears of a double-dip recession before today’s key employment report.
Major indexes were lower for a fourth straight day after suffering their worst quarter since late 2008, but losses eased near the end of the session.
The Dow Jones industrial average dropped 41.49 points, or 0.42 per cent, to 9,732.53. The Standard & Poor’s 500 Index shed 3.33 points, or 0.32 per cent, to 1,027.38. The Nasdaq Composite Index lost 7.88 points, or 0.37 per cent, to 2,101.36.
Gold mining company stocks were among the hardest hit yesterday after being one the few strong sectors in the second quarter as the price of gold fell.
Shares of Barrick Gold dropped 5.2 per cent to $43.06 and Newmont Mining Corp slid 4.5 per cent to $59.99. The PHLX Gold/Silver Sector index fell 4.4 per cent.
Ford Motor rose 4.9 per cent to $10.57, after the firm reported June sales gained 15 per cent.