Stocks post double digit loss

July 31, 2008 8:50:58 PM PDT
Stocks ended lower, interrupting two days of strong gains. It is also the fourth straight day of triple-digit moves in the Dow. The caution came after new reports ignited fresh concern about economic momentum. Second quarter GDP was not as robust as forecast, and weekly jobless claims rose to the highest level in five years. Tomorrow morning, the Labor Department releases the monthly employment data.

The Dow fell 205 points to 11,378.

The S&P dropped 16 points to 1,267.

And the Nasdaq composite slipped 4 points to 2,325.

Declining issues led advancers by a 5 to 3 margin on the New York Stock Exchange.

NYSE volume came to 5 billion shares. Nasdaq stock market volume was 2.3 billion shares.

Crude fell $2.69 to settle at $124.08 in New York.

(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-07-31-08 1611EDT