Dow Hits Seven-Week Low After Fed Restates Concern Over Lackluster Economic Growth

Thursday, October 25, 2012 02:06
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Dow Hits Seven-Week Low After Fed Restates Concern Over Lackluster Economic Growth

Tags: investing | markets | NYSE

The losses continued on US stock exchanges as the Federal Reserve once again stated its concerns over the economy even as new housing data were positive.

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New construction rose to the highest level in over two years, increasing 5.7% in August to a seasonally adjusted annual rate of 389,000, beating estimates.
 
Home prices also rose for a seventh consecutive month in August, up .7% on a seasonally adjusted basis from the previous month.
 
The Markit’s purchasing manager’s index for October showed factories rebounded slightly from the three-year low in September but not as much as analysts had hoped.
 
The loss in the Dow Jones Industrial Average followed its largest single-day drop since June 21.
 
The Dow has now made a new seven-week low.

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