KAKE - Money - Headlines
Stocks Slide In Cautious Trading After Rally
Friday, May 15, 2009
Investors have pulled more money out of stocks, further chilling Wall Street's spring rally.
Stocks are down Friday as traders who grew accustomed to economic news being "less bad" found little incentive to buy.
The Labor Department said consumer prices in April were flat, as economists predicted. Industrial production contracted less than economists expected.
Investors are worried the market's 30% rally from its March low has little energy left.
The Dow Jones industrial average is down 62 at 8,268. For the week, the Dow is down 3.6%.
The S&P 500 index is down 10 at 883. The Nasdaq composite is down 9 at 1,680.
Two stocks fell for every one that rose on New York Stock Exchange, where volume came to a light 1.5 billion shares.
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