16 May 2011

Wall St stocks fall

7:56 am on 16 May 2011

Stocks on Wall St fell on Friday, with analysts saying it reflected growing worries that stocks are on the precipice of a pullback.

Concern about slowed growth worldwide, the coming end of a supportive Federal Reserve policy and the fear of a worsening euro-zone debt crisis are undermining the stock market's ability to maintain an upward direction.

The Dow Jones industrial average fell 100 points to close at 12,596.

The Standard & Poor's 500 Index finished down 10 points to close at at 1337.

The Nasdaq Composite Index fell 35 points to close at at 2828.

In the currency markets, the New Zealand dollar was trading on Monday morning at 78.66 US, 74.39 Australian, 48.52 pence, 63.49 yen, 0.5567 euro, and the TWI stood at 68.32.

Brent crude oil was trading at $US114.28 a barrel and gold at $US1,493.25 an ounce.