U.S Stock Market DropsJune 25th, 2008 - 4:22 pm ICT by Amrit Rashmisrisethi
The U.S. stocks fell and the economy after a report showed consumer confidence hit a 16-year low and as a profit warning from United Parcel Service (UPS) Inflation, worries as the price of oil rose.
“I think the market is starting to price in a higher likelihood of a recession and the UPS forecast certainly points to a much slower economy,” said Paul Nolte, director of investments at Hinsdale Associates, in Hinsdale, Illinois.
The Dow Jones industrial average .DJI fell 34.93 points, or 0.29 percent, to close at 11,807.43. The Standard & Poor’s 500 Index. UPS shares fell to $62.26. Shares of Caterpillar, fell to $76.64 on the New York Stock Exchange, while plane maker Boeing’s shares dropped 1.1 percent to $74.79.Dow Chemical shares fell 2.8 percent to $36.58.
JPMorgan shares rose 2.3 percent, Wells Fargo gained 3.9 percent. SunTrust shares came up to 4.1 percent. The Dow Jones U.S. home construction index .DJUSHB rose 3.9 percent.