Economic Report Sends Stocks into Slump
(NEW YORK) — The Dow hit a speed bump on the road to 14,000. An unexpected economic report sent stocks tumbling.
The Dow closed down 44 points Wednesday at 13,910.42. The Nasdaq lost 11 points and closed at 3,142.31. The S&P gave up six points, closing at 1,501.96.
Superstorm Sandy gets part of the blame for the unexpected 4th-quarter contraction of the economy. The top White House economist says the storm that battered the East Coast destroyed 44 billion dollars in fixed capital.
The Federal Reserve reaffirmed its commitment to boosting a sluggish economy by keeping borrowing rates low for the foreseeable future.
Meanwhile, the long-awaited debut of BlackBerry’s new smartphone didn’t do much for its stock, which sank almost as soon as the new “10” was unveiled, despite mostly positive reviews.
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