The S&P 500 Index ($SPX) (SPY) Thursday closed down -1.37%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.21% and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.44%.
US stocks on Thursday gave up an early advance and sold off sharply, with the Dow Jones Industrials falling to a 1-week low. US economic concerns hammered stocks after Thursday’s reports showed weekly jobless claims rose to a nearly 1-year high and manufacturing activity in July unexpectedly contracted by the most in 8 months. The weaker-than-expected US economic news sparked long liquidation in stocks due to fears that the Fed is behind the curve and waiting too long to cut interest rates.
