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Article: Stocks Fall for Third Straight Week
- Article from:
- The Washington Post
- Article date:
- July 5, 2009
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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U.S. stocks fell for a third week, the longest losing streak
since March, on concerns that deeper-than-estimated job cuts and a
drop in consumer confidence will prolong the recession.
American Express lost 6.3 percent, Caterpillar dropped 8.2
percent and Alcoa fell 8.4 percent for the week, during which the
government reported that unemployment rose to the highest level in
almost 26 years. National Oilwell Varco sank 6.8 percent and Hess
fell 8.5 percent as oil slumped to a five-week low of less than $67
a barrel. American International Group tumbled 38 percent after
disclosing new risks on derivatives sold to banks.
The S&P 500-stock index slid 2.4 percent, to 896.42. The Dow