Stocks fall backward on Wall Street

Cleveland News.Net
Thursday 24th July, 2008

US stocks fell sharply Thursday, with the Dow Jones Industrial Average losing nearly 300 points after two days of gains.

Jobless claims and housing sector worries created fear early in the trading day and pushed the market back.

The major U.S. stock indexes deepened their decline after the National Association of Realtors reported sales of existing homes in June fell to their lowest level in a decade.

The Dow Jones Industrial Average dropped 283 points to end at 11,349.

The S&P 500 fell 29 points to 1,252, with the financial sector fronting the losses.

The Nasdaq Composite lost 45 points to 2,280.

On the New York Mercantile Exchange, crude-oil futures gained $1.05 to end at $125.49 a barrel, on the heels of a dramatic pullback that had crude declining $20 during the past seven sessions.

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