Another Negative Day: Acadiana Business Index
- The Dow Jones Industrial Average dropped 235 points, to 11,259.
- New unemployment benefit claims rose last week, and consumer spending barely increased in October. Other reports showed new orders for a range of durable manufactured goods rose.
- International stock prices continue their slump, as weak demand in a German bond auction heightened fears the euro zone crisis would worsen.
- Meanwhile, data showed Chinese manufacturing shrank the most in over 2 ½ years in November, intensifying concerns about a global economic slowdown.
- All 10 S&P sectors were negative, with financials among the biggest decliners over concerns about exposure to European debt. Economically sensitive stocks such as energy and commodity-related issues were also lower.
- Crude oil closed lower at $96.15 a barrel.
- And Gold settled at $1,697 an ounce.