Dow Falls Below 12K, Stocks Head Down for 6th Straight Week

By: Associated Press
By: Associated Press

The Dow Jones industrial average is trading below 12,000 for the first time since March and the Nasdaq composite index has given up all of this year's gains. Traders fear that the global economic recovery is losing steam.

The market is on track for its sixth straight weekly loss, the longest weekly losing streak since the fall of 2002. Stocks have suffered this month after weak economic news dampened hopes for a speedy recovery. Traders fear that slower economic growth will halt the bull market in stocks.

Shortly before noon Friday, the Dow is down 152 points, or 1.3 percent, at 11,972. The Standard & Poor's 500 index is down 17, or 1.3 percent, at 1,272. The Nasdaq is down 36, or 1.4 percent, at 2,649.

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