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Dow tumbles 268 points on growth fears

By
Post Staff Report
Published June 29, 2010, 8:34 p.m. ET

Stocks fell broadly Tuesday as a sharp decline in U.S. consumer confidence added to investors’ worries about the global economy.

The concerns sent investors fleeing to safety assets, sending the dollar, gold and Treasurys higher. The rise in Treasurys pushed the yield on the 10-year note below 3 percent, to its lowest level in more than a year. Bond yields move inversely to prices.

“We’re certainly seeing a flight to quality,” said Andrew Neale, portfolio manager at Fogel Neale Partners. “People are feeling very nervous.”

The Dow Jones Industrial Average slid 268.22 points, or 2.7 percent, to 9,870.30, the measure’s worst one-day drop since June 4.

All 30 Dow components ended lower, led by declines of 6.3 percent each in Alcoa and Boeing. Other big losers included Caterpillar, off 5.5 percent; American Express, down 4.8 percent; Microsoft, off 4.1 percent; and Cisco Systems, down 3.6 percent.

The Standard & Poor’s 500 index fell 3.1 percent to a new 2010 closing low of 1,041.25, just above the key technical level of 1040.

All of the S&P 500’s sectors fell, led by declines in the industrials, technology and financial sectors, which are perceived as more risky. Consumer staples and health care stocks, which are considered safety sectors, posted the smallest declines.

The Nasdaq Composite slid 3.9 percent to 2,135.18, stung by a 4.5 percent drop in Apple, a 4.1 percent slide in Microsoft and a 7.8 percent decline in Amazon.com.

The selloff came as a sharp drop in U.S. consumer confidence added to the market’s worries after the Conference Board sharply revised lower its April leading economic indicator for China, raising fears that a key driver of the global economy could slow.

“This was a one-two smack for the market and you really just have a huge rush away from risk,” said Adam Sarhan, chief executive of Sarhan Capital.

“It’s a concern of whether this global economic recovery will continue or if it will be derailed due to a slowdown in China or the ongoing European debt crisis.”