TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Stocks drop as economy put brakes on stock rally

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Wednesday, Jan. 30, 2013, 5:10 p.m.
 

NEW YORK — A reminder that the economy still remains a long way from being fully healed after the Great Recession put the brakes on a January rally that has pushed stocks close to record levels. The Standard & Poor's 500 logged its biggest drop of the year.

Stocks started the day lower after a report showed that the U.S. economy unexpectedly contracted in the fourth quarter. That decline extended after the Federal Reserve said it would continue its bond-buying program to boost growth.

The Dow Jones industrial average fell 44 points, or 0.3 percent, to close at 13,910.42, logging only its second decline in nine days. The Standard & Poor's 500 fell 6 points, or 0.4 percent, to 1,501.96, its biggest decline since Dec. 28. The Nasdaq composite fell 11 points to 3,142.31.

Stocks remain on track for a great January.

The Dow Jones average has surged 6.2 percent since the start of the year, climbing close to 14,000 and within touching distance of its record level. The S&P 500 has gained 5.3 percent this month, close to its highest level in more than five years.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. PUC approves Columbia Gas pipeline extensions program for homeowners
  2. Mortgage rate slide’s impact could be minimal
  3. Rule to close coal royalty loophole
  4. World’s 1st carbon capture power plant switches on in Canada
  5. Falling fuel prices help airlines — not fliers
  6. EQT Corp. boosts profits despite lower gas prices
  7. Stocks jump on strong earnings, led by 3M, Caterpillar
  8. Education Management removes itself from Nasdaq listing
  9. Toy sellers to enhance marketing as holidays approach
  10. Large-scale batteries are integral in shift to renewable energy
  11. FedEx investing another $1.2B in growth projects at FedEx Ground in Moon
Subscribe today! Click here for our subscription offers.