Published: August 27, 2010By: Adam Shell, USA Today
NEW YORK — In the latest reminder to investors that any money invested in stocks has been dead money for more than a decade, the Dow Jones industrial average, which first closed above 10,000 in 1999, finished Thursday back below the key milestone.
The Dow and the broader U.S. stock market have been under heavy selling pressure since early August, when a steady stream of weaker-than-expected economic data on jobs, housing and manufacturing caused investors to question the sustainability of the economic recovery.
Thursday, the Dow tumbled 74.25 points, or 0.7%, to 9985.81, its first close below 10,000 since July 6. The blue-chip index, which can’t shake the downward momentum, has finished lower five of the past six trading sessions, falling 430 points.
The Standard & Poor’s 500 index fell 8.11 points, or 0.8%, to 1047.22. The Nasdaq composite dropped 22.85 points, or 1.1%, to 2118.69.
