U.S. Stocks Retreat on Concern Economic Recovery Is Struggling

By Lynn Thomasson

Sept. 2 (Bloomberg) -- U.S. stocks fell for a fourth day, the longest losing streak for the Standard & Poor’s 500 Index since May, as reports on job losses and factory orders spurred concern that the economy is struggling to recover.

Walt Disney Co. and General Electric Co. slid 1 percent as ADP Employer Services said employers cut 298,000 jobs in August, while growth in factory orders trailed forecasts. Bank shares slid and Treasuries gained, sending 10-year note yields to the lowest level in more than seven weeks, after the Federal Reserve expressed “considerable uncertainty” about the strength of the economic recovery. Gold rose the most since March.

The S&P 500 slipped 0.3 percent to 994.75 at 4:04 p.m. in New York and has tumbled 3.3 percent so far this week. The Dow Jones Industrial Average lost 29.93 points, or 0.3 percent, to 9,280.67. The MSCI World Index of 23 developed countries slid 0.7 percent.

“Everything is not rosy right now,” said Jason Cooper, who manages $2.5 billion at 1st Source Investment Advisors in South Bend, Indiana. “Given the gains we’ve had in the past few months, people are skittish about whether it’s sustainable.”

Excerpt: Click for Full Article from Bloomberg

Comment: Guess you could say that Wall Street doesn't believe the spin this Administration is trying to put on the recovery either.