Sell in May? Stocks flop: Dow hits lowest level since May 20
Stocks fell Thursday as investors continued to worry about rising global tensions despite reports of an improving U.S. economy.
The Dow Jones industrial average ended down 75 points, or 0.5%, to 16,368.27. The Standard & Poor’s 500 index fell 0.6% to 1909.57 and the Nasdaq composite index closed down 0.5% to 4334.97.
For the Dow, it’s the lowest level for the blue-chip index since May 20. And the index is now a steep 4.5% off its July 16 peak of 17,138.20.
The latest global crisis came as the U.S. said it is considering possible airstrikes to assist trapped minorities on a mountain surrounded by Islamic militants in Iraq.
The drop came even after another report showed strength in labour market as weekly applications for unemployment benefits fell 14,000 to a seasonally adjusted 289,000.
Source: usatoday
