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US market indices drop

17 March 2009 09:29 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Stocks gained through the early afternoon on a jump in bank shares and upbeat comments from Fed chairman. But the advance lost steam late in the afternoon
US stocks closed lower on Monday after four straight days of gains as weakness in technology space countered continued strength in bank shares.
The Dow Jones Industrial Average lost 7 points, or 0.1%, to 7,216.97. The S&P 500 index slipped 2.7 points, or 0.4%, to 753.89. The Nasdaq Composite index tumbled 27 points, or 1.9%, to 1,404.02.
Stocks rallied last week, bouncing back after the Dow and S&P 500 hit 12-year lows. The week was Wall Street’s best since last November, as the Dow gained 9%, the S&P 500 rose 10.7% and the Nasdaq added 10.6%.
A rally in European stocks stretched into a second week, as Barclays and other banks paced a strong advance on Monday. After registering its strongest weekly performance since November, the pan-European Dow Jones Stoxx 600 rose a further 2.7% to 173.19.
On the London Stock Exchange, advancers led decliners by nearly a 2-to-1 margin. The French CAC 40 index climbed 3.2% to 2,791.66, while the UK’s FTSE 100 index rose 2.9% to 3,863.99 and Germany’s DAX 30 index gained 2.3% to 4,044.54.