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Stocks Fall on Economic Reports

Two-day rally quashed, ending July on a sour note

By Nick McMaster, Newser Staff

Posted Jul 31, 2008 3:19 PM CDT

(Newser) – Stocks fell today as worrying economic reports put an end to a 2-day rally, MarketWatch reports. Financials slipped, and energy stocks took a hit as Exxon’s record profit failed to meet analysts' expectations and crude prices continued to fall. The Dow dropped 204.69 to 11,379.00. The Nasdaq, relatively insulated from financials and energy, fell only 4.17 to 2,325.55, while the S&P 500 tumbled 16.86 to close at 1,267.40.

The Commerce Department said US GDP rose 1.9% in the second quarter, below the 2.3% economists had forecast. The Labor Department said jobless claims increased 44,000 to 448,000 last week after most economists predicted a slight decline. "The data were a little disturbing,” said one analyst. “The general feeling is that now the tax stimulus is gone, what comes next?"

For July, the Dow gained 0.2% and the Nasdaq 1.4%, while the S&P 500 fell 1%

Traders gather at the post that trades Merrill Lynch on the floor of the New York Stock Exchange before the closing bell Tuesday July 29, 2008. (AP Photo/Richard Drew)

In this May 1, 2008, file photo, a customer pumps gas at an Exxon station in Middleton, Mass. (AP Photo/Lisa Poole, File)

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Stocks Fall on Economic Reports

Two-day rally quashed, ending July on a sour note

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Exxon • NASDAQ • economic growth • Dow Jones • GDP • jobless claims • S&P 500 • financial stocks

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More Newser Stories

Stocks Rally on GDP Revision

MBIA's jump leads insurers higher, and lower energy prices power big gains

Oil Drops; Stocks Follow

Gray day on Street ahead of Fed's policy meeting

Merrill's Strength Leads Rally

Good news from broker overshadows poor housing news

Dow Rises 61 After Seesaw Day

S&P 500 and Nasdaq decline

Dow Plummets 513

All major indexes are in negative territory for the year

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Stocks Fall on Economic Reports

Two-day rally quashed, ending July on a sour note

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OTHER STORIES ON OUR RADAR

Exxon • NASDAQ • economic growth • Dow Jones • GDP • jobless claims • S&P 500 • financial stocks

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Rally on GDP Revision

MBIA's jump leads insurers higher, and lower energy prices power big gains

Oil Drops; Stocks Follow

Gray day on Street ahead of Fed's policy meeting

Merrill's Strength Leads Rally

Good news from broker overshadows poor housing news

Dow Rises 61 After Seesaw Day

S&P 500 and Nasdaq decline

Dow Plummets 513

All major indexes are in negative territory for the year

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?