August 19, 2009

U.S. markets turn lower

U.S. markets turned lower Wednesday after the Shanghai composite index in China dropped 4.3 percent.

The Shanghai index technically entered a bear market, losing 20 percent since Aug. 4.

I see this as long overdue ... nothing ever goes up on a straight line forever, Stephen Davies, chief executive officer of Javelin Wealth Management, told The New York Times.

In midmorning trading in New York, the Dow Jones industrial average lost 36.05 points, 0.39 percent, to 9,181.89. The S&P 500 shed 4.52 points, 0.45 percent, to 985.25. The Nasdaq index lost 11.17 points, 0.57 percent, to 1,944.75.

The benchmark 10-year Treasury rose 20/32 to yield 3.444 percent.

The euro rose to $1.4137 from Tuesday's $1.4128. Against the yen, the dollar fell to 94.03 yen from Tuesday's 94.72 yen.

In Tokyo, the Nikkei 225 index fell 0.79 percent, 80.96 points, to 10,204.00.