Friday, September 28, 2012

Stocks Decline on Economic Weakness

from Bloomberg:

Stocks Drop on Economy Data as Gasoline Jumps on Supplies

U.S. stocks extended their worst weekly decline since June, while the dollar and Treasuries rose, as reports showed weakening economic growth. Gasoline surged on concern about tighter supplies in the U.S. East Coast.
The Standard & Poor’s 500 Index slipped 0.4 percent to 1,440.91 at 2:32 p.m. in New York and is down 1.3 percent this week...
Benchmark U.S. stock indexes extended weekly declines as the Institute for Supply Management-Chicago Inc. said its business barometer fell to 49.7 this month from 53 in August. A reading of 50 is the dividing line between growth and contraction.