FX.co ★ The U.S. stock market review for 23/09/2010

The U.S. stock market review for 23/09/2010
The USA trading session resulted in stock indices fall. The stocks have been pushed downwards for the second session in a row amid the adverse data on the U.S. labor market and European economic statistics
Dow Jones Industrial Average decreased by 77 points (0.7%) down to 10662 points. During the session the index was demonstrating a mixed trade before the plunge at closing. Dow closed in the negative territory for the second straight session, having shown the most dramatic tumble since September 7. Still it remains 6,5% higher than it was at the beginning of the month and 2,3% higher than it was in early 2010.
Standard & Poor's 500 declined by 9.5 points (0.8%) down to 1125 points, while Nasdaq Composite sank by 7.5 points (0.3%) down to 2327 points.
Walt Disney stocks reduced by 87 cent (2.6%), which is presently $33.12. General Electric stocks fell in price as well – by 36 cent (2.2%), down to $16.14. J.P. Morgan securities decreased by 84 cent (2.1%) to $39,10.
These losses are said to be rather expected, since the market had approached the upper level of its recent range. Investors are unlikely to break through this range for there is but a week left until the end of the month and the quarter.
The choppy stock market dynamics on Thursday was caused by the promiscuous statistics. The report on unemployment benefits came short of the forecasts. The same holds true of the data on Eurozone economic growth. The positive news on unexpectedly substantial increase in sells on the primary U.S. housing market last month was not sufficient to eliminate the concerns.
Ireland announced the Q2 abrupt fall in the GDP. The economic activity of the country considerably decelerated in April-June, which enhanced the concerns both within Europe and outside its boundaries. What was questioned is whether the rigid economic measures are effective for settling the enormous public debt, accumulated by many governments for the economic crisis and recession.
Meanwhile, this month German economy showed a tangible slowdown in public sector activity. According to the Eurozone supplier indices, its economy has been slackening even faster than forecast.