Late recovery on Wall Street
US stocks ended lower yesterdayafter political developments in Greece fanned concerns about Europe’s fiscal health, but a late rally helped cut losses to close above lows.
The Dow Jones industrial average was down 76.44 points, or 0.59 per cent, at 12,932.09. The Standard & Poor’s 500 Index was down 5.86 points, or 0.43 per cent, at 1,363.72. The Nasdaq Composite Index was down 11.49 points, or 0.39 per cent, at 2,946.27.
The day’s decline in stocks was part of a broad run to safety. Yields on German debt hit a record low while oil fell for a fifth straight day.
Sectors sensitive to the economy floundered, with the S&P consumer discretionary sector falling 1.3 per cent. Safe sectors such as telecoms and utilities were spared the harshest drops.