Friday, August 19, 2011
NEW YORK (AP) — The stock market went back into a lull today as investors waited for the next signals on the economy - and whether it's headed for another recession.
The major indexes were fluctuating in a narrow range after Thursday's 419-point plunge in the Dow Jones industrial average. There was little news to help investors determine their next moves - and market analysts said many were taking the day off.
Thursday's plunge followed a stream of disappointing economic news that added to investor concerns that the economy is stalling. The most notable economic news Friday came from JPMorgan Chase & Co. The bank joined other financial firms and cut its forecast for economic growth during the fourth quarter. It's now predicting growth of 1 percent, down from an earlier forecast of 2.5 percent.
The Dow fell 51 points, or 0.4 percent, to 10,939 in early afternoon trading. The Standard & Poor's 500 index fell 2, or 0.2 percent, to 1,138. The Nasdaq composite index less than a point to 2,381.