Dow Plunges as Investors Weigh Sluggish Economy

Ad Feedback

Stocks plunged Thursday as investors grew concerned about the country's economic slowdown.

The Dow Jones Industrial dropped more than 300 points in midday trading, nearly erasing earlier gains for the year.

Investors are reacting to signs that the job market remains stagnant.

"We are continuing to be bombarded by worries about the global economy," said Bill Stone, chief investment strategist at PNC Financial.

Manufacturing, consumer spending and hiring by private companies are below levels that are consistent with a healthy economy.

Oil fell 4 percent to $88 a barrel on worries that demand will fall because of the slowing economy. Oil had traded over $100 as recently as June 9.

In addition, the number of first-time unemployment benefits applications only slightly improved last week.

The monthly unemployment report will release Friday and is expect to show little signs of progress.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.