August 31, 2009

U.S. markets fail to ignite Monday

U.S. markets closed lower Monday following a sharp drop in the Shanghai Composite index, where a slump moved into its fifth consecutive week.

U.S. markets failed to break into positive ground, but shook off about half of early losses late in the day.

By close, the Dow Jones industrial average lost 47.92 points, 0.5 percent, to 9,496.28. The S&P 500 index lost 0.81 percent, 8.31 points, to 1,020.62. The Nasdaq composite index shed 19.71 points, 0.97 percent, to 2,009.06.

The Shanghai index lost 2.9 percent Friday and another 6.74 percent Monday. Stocks closed lower in most Asian markets Monday. The Nikkei 225 in Japan fell 0.4 percent, down 41.61 points, to 10,492.53.

On the New York Stock Exchange, 795 stocks advanced and 2,205 declined on a volume of 5 billion shares traded.

The Hang Seng Index in Hong Kong fell 1.86 percent. The Sensex index in India dropped 1.61 percent.

The benchmark 10-year Treasury gained 12/32 to yield 3.407 percent.

The euro rose to $1.434 from Friday's $1.4301. Against the yen, the dollar fell to 93.12 yen from Friday's 93.57 yen.

In London, the FTSE 100 index gained 0.81 percent, 39.55 points, to 4,908.90.