16 May 2009

Drop on Wall Street

9:22 am on 16 May 2009

Wall Street closed lower on Friday, capping a week of consolidation.

Investors were cautious amid lacklustre economic data and news that the United States government has approved capital injections for the insurance sector.

The Dow Jones Industrial Average gave up early gains and fell 61.17 points (0.73%) to 8,270.15 at the closing bell.

The Nasdaq dropped 9.07 points (0.54%) to 1,680.14 and the Standard & Poor's 500 index shed 9.80 points (1.10%) to a preliminary close of 883.27.

The losses capped a week in which the broad market lost more than 4%, ending a streak of eight gains over the past nine weeks for Wall Street.