Stocks fall again on economic worries
Aug-02-2011--The stock market plummeted again yesterday on growing worries about about the ailing US economy, despite the fact that President Obama signed legislation to raise the debt ceiling and avert a potentially disastrous default on the country’s debt.
The Dow Jones industrial average dropped 266 points, or more than 2 percent yesterday, the eighth straight day the stock market has slumped and the longest losing streak since the financial crisis in October 2008.
Analysts said the market has beaten down by a wave of bad economic news in the past week, in addition to anxiety about a potential default. The Commerce Department said yesterday that consumer spending dropped 0.2 percent in June, the first decline in nearly two years. And that followed a weak manufacturing report on Monday and a dour study on Friday that showed the economy has been growing even more slowly than previously thought.
GOVERNMENT MORTGAGE RELIEF