Dow slumped on employment data, eurozone's recession

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Source: Dukascopy Bank SA
© Scanpix/AP
Dow slumped on disappointing signals from the national economy. US unemployment claims jumped much more than expected last week. Weak manufacturing data from Philadelphia-region also weighted down on the US blue chips. Moreover, the eurozone's economy fell back into recession last quarter, dampening global risk sentiment. The Dow Jones Industrial Average index dropped 0.23% to close at 12,542.38. Four in nine sectors within the index advanced. The top-gainers were industrials and financials. 3M and Caterpillar climbed 0.81% and 0.25%, while Bank of America and Travelers Cos rose 1.22% and 0.37%. Meanwhile, Cisco Systems continued its winning streak after the firm reported an 18% increase in earnings last quarter. Cisco Systems added 1.59%. Dragging the US blue chips index lower, telecommunications and consumer services declined 1.21% and 1.17%. Verizon Communications and Wal-Mart Stores sagged 1.28% and 3.63%.


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