Tue, Nov 24 2009
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Jobless data sends stocks reeling; Dow loses 223 IEVA M. AUGSTUMS & STEPHEN BERNARDAP Business Writers Shares of consumer products companies were among the hardest hit Thursday. The Dow Jones industrials lost 223.32, or 2.6 percent, to 8,280.74, the lowest close since May 22. It was the average's worst day since April 20. The Standard & Poor's 500 index fell 26.91, or 2.9 percent, to 896.42 and the Nasdaq composite index fell 49.20, or 2.7 percent, to 1,796.52. The market's recent rally pushed stock prices back to reasonable levels after they were severely undervalued, said Tim Courtney, chief investment officer at Burns Advisory Group. With stocks prices back in more normal pricing ranges, "they look less cheap, so bad news like this really starts to sway prices," Courtney said of heunmpoyen rpot. veses aret asofel ftr rport showed unemployment in Europe rose to a 10-year high in May. "This is part of the market recovery," said Roy Williams, CEO of Prestige Wealth Management. "You're going to get bad news." Williams predicted the unemployment rate is likely to reach 11 percent. 
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