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US stock markets drop, European stocks rise

29 January 2010 08:14 (UTC +04:00)

Baku-APA-Economics. Stocks trimmed losses by the close Thursday, but remained deep in the red, with techs falling after cautious outlooks from Qualcomm and Motorola, CNNMoney reported.
Ongoing worries about the labor market also gave investors a reason to retreat.
The Dow Jones industrial average lost 115 points, or 1.1%. The S&P 500 index fell 13 points, or 1.2%. The Nasdaq composite lost 42 points, or 1.9%. The Dow & S&P 500 closed at nearly three-month lows and the Nasdaq closed at a 2-month low. The S&P 500 rallied 23% last year and gained 65% since the March 2009 bottom. So far, in 2010, the S&P 500 has lost just short of 3%, as of Thursday’s close. Global markets gained after several down sessions, impacted by China’s debt curbs and S&P’s warning that it may cut Japan’s debt. Asian markets rallied Thursday, with Japan’s Nikkei adding 1.6%. European markets also gained, with London’s FTSE up 0.5% and Germany’s DAX and France’s CAC 40 both up 0.6%.