8 Jul 2009

Wall Street hits 10-week low

8:49 am on 8 July 2009

Stocks in the United States fell to their lowest level in 10 weeks on Tuesday amid talk of a second federal government stimulus plan.

A member of the Obama administration's economic advisory panel said the United States should plan to possibly provide a second round of stimulus funds to prop up the economy.

Stocks in the energy, and industrial sectors led the market down. Commodity prices also eased: copper fell nearly 2%.

The Dow Jones industrial average dropped 161.27 points, or 1.94%, to 8,163.60.

Standard & Poor's 500 Index fell 17.69 points, or 1.97%, to 881.03. The Nasdaq Composite Index lost 41.23 points, or 2.31%, to 1,746.17.

The S&P 500 closed at its lowest level since 1 May while the Dow industrials closed at their lowest level since 28 April.

Trading was below average on the New York Stock Exchange, with about 1.11 billion shares changing hands - beneath last year's estimated daily average of 1.49 billion.

About 2.04 billion shares were traded on the Nasdaq - below last year's daily average of 2.28 billion.