NEW YORK - US STOCKS closed lower on Thursday amid investor concerns over increasing unemployment and the housing market slump as well as company earnings' pessimism.
The Dow Jones Industrial Average shed 105.30 points (1.28 per cent) to 8,122.80 at the closing bell, dousing hopes of a continuation of a rally on Wednesday.
The tech-heavy Nasdaq fell 41.58 points (2.76 per cent) to 1,465.49 and the broad-market Standard & Poor's 500 index shed 12.75 points (1.52 per cent) to 827.49.
'Yesterday's rally is being replaced by renewed caution after jobless claims jumped and housing starts and building permits plunged, reinforcing the view that the economy remains mired in a steep recession,' Charles Schwab & Co. said.
'Earnings are also squarely on the radar and are influencing early morning action.' -- AFP
