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Du Pont (DD) Financial News - U.S. Stocks Little Changed on Jobs Growth, Italy Reform

Du Pont (DD)

U.S. Stocks Little Changed on Jobs Growth, Italy Reform

Quote: 4 (Bloomberg) -- Martin Feldstein, an economics professor at Harvard University, Bill Gross, portfolio manager at Pacific Investment Management Co., Lawrence White, economics professor at New York University's Stern School of Business, Hugh Johnson, chairman of Hugh Johnson Advisors LLC, and Barton Biggs, managing partner and co-founder of Traxis Partners LP, talk about the risk of another U.S. recession. (Source: Bloomberg) Most U.S. stocks fell, completing the worst weekly slump for the Standard & Poor’s 500 Index since 2008, as optimism Europe will take steps to contain its debt crisis failed to offset concern about an economic slowdown. Dow Jones Industrial AverageS&P 500Bank of America Corp. (BAC) dropped 7.5 percent, while Citigroup Inc. slumped 3.9 percent as Europe’s debt crisis and losses linked to souring home loans threaten to undermine industry earnings. Consumer companies, utilities and health-care providers in the S&P 500, among groups least-tied to the economy, rose at least 0.7 percent. More than nine stocks fell for every four that rose on U.S. exchanges. The S&P 500 fell 0.1 percent to 1,199.38 at 4 p.m. in New York. It ranged between a loss of 2.7 percent and a gain of 1.5 percent. The benchmark gauge dropped 7.2 percent since July 29, the biggest weekly slump since November 2008. The Dow advanced 60.93 points, or 0.5 percent, to 11,444.61 today. Russ KoesterichBlackRock Inc. (BLK), said in a telephone interview. His firm oversees $3.66 trillion as the world’s largest asset manager. “Investors are worried about a double-dip. They are worried because it’s not clear what the monetary authorities or fiscal stimulus can do to prevent a recession.” Biggest Loss The S&P 500 retreated 11 percent from July 22 through yesterday, the biggest loss over the same amount of time since March 9, 2009, when the equity bull market began. The index had risen as much as 8.4 percent this...
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