Stocks Close Down 2% on Weak Economic Data
NEW YORK ( TheStreet) -- Stocks lost more than 2% Wednesday as disappointing economic data and a downgrade to Greece triggered widespread fears about the recovery.
The Dow Jones Industrial Average finished the day down by 279.6 points, or 2.2%, at 12,290. The S&P 500 ended lower by 30.6 points, or 2.2%, at 1314, and the Nasdaq was off by 66.1 points, or 2.3%, at 2769.
Moody's downgraded Greece's sovereign debt rating to Caa1 from B1 with a negative outlook.Capital goods conglomerates and financial stocks showed the steepest losses with Bank of America (BAC), Caterpillar (CAT), Alcoa (AA) and United Technologies (UTX), among the Dow's biggest laggards. Coca-Cola (KO) was the only Dow component that managed to close the day in positive territory. A string of weak economic data in May has compounded fears that the economy is once again stumbling. The
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