The Market Story

Stocks Slip as Quarter Ends

Stock quotes in this article: JBL , IBM , MMM , FRE , COMS  

Updated from 4:12 p.m. EDT

Stocks in the U.S. closed the third quarter with minor losses Friday, as market participants digested a host of economic data and a string of comments about the possibility of a recession.

The Dow Jones Industrial Average lost 17.31 points, or 0.12%, at 13,895.63. The S&P 500 was off 4.63 points, or 0.3%, at 1526.75, and the Nasdaq Composite was 8.09 points, or 0.3%, lower at 2701.50.

Breadth was negative and volume was weaker. On the New York Stock Exchange, 2.98 billion shares changed hands, as decliners topped advancers by a 9-to-7 margin. Volume on the Nasdaq reached 1.91 billion shares, with losers outpacing winners almost 3 to 2.

For investors, the day started with new observations from the former Federal Reserve chief, Alan Greenspan, on the problems facing the economy. During an interview on a BBC radio program, he said that the chance the U.S. sinks into a recession is less than 50%, although he is more uncertain of how strong world economies are.

With his latest musing, the ex-central banker said he sees a serious downturn as more likely than he did before. Previously, had guessed that the odds of a recession were one in three.

The head of Freddie Mac (FRE Quote) echoed Greenspan's concerns, according to an article in Financial Times. CEO Richard Syron put the probability of a recession in a range between 40% and 45%.

"There is always a chance of a recession, and we won't know the effects of the Fed rate hikes for a year or more," said Linda Duessel, senior portfolio manager and market strategist with Federated Investors. "However, there is no evidence we've gone into a recession. The second-quarter GDP report earlier this week showed a rise of 3.8%, and that means we are nowhere near a recession."

  • Loading Comments...
  •  
< Previous
1 2 3 4

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,344.84 1,095.63 2,144.60 32.01
Oil *
78.55
UP
34.92
UP
4.14
UP
6.16
DOWN
0.30
10 Yr
3.20%
SPDR Gold
115.65
+0.34%
+0.38%
+0.29%
-0.93%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services