US stocks mixed as economic concerns weigh on market
June 9th, 2011 - 2:40 am ICT by IANSNew York, June 9 (IANS) US stocks traded mixed Wednesday as worries about the economic recovery weighed on the market, Xinhua reported.
Concerns over the global economy have grown due to a round of disappointing economic indicators around the world, particularly out of the US, which culminated in last week’s much weaker than expected US jobs data.
Sell-offs continued after Federal Reserve chairman Ben Bernanke gave a relatively gloomy outlook for the economy.
Addressing a banking conference in Atlanta Tuesday, Bernanke admitted that the US economic growth was “somewhat slower than expected”. However, the central bank head gave no hint of future stimulus.
“The economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed,” said Bernanke. “Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.”
However, the market got some lift Wednesday as some investors were looking for buying opportunities after the recent plunge, believing that the selloff has been overdone.
The Dow Jones industrial average added 15.59 points, or 0.13 percent, to 12,086.40. The Standard & Poor’s 500 edged up 0.55 points, or 0.04 percent, to 1,285.49. The Nasdaq Composite Index dropped 10.63 points, or 0.39 percent, to 2,690.93.
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