Stocks Slump For Fourth Day With European Banking Woes Weighing on Global Equities
Wall Street limped into the close for a fourth straight day as global economic shocks coupled with lingering worries about tighter Federal Reserve policy extended Thursday's freefall in equities. The Dow Jones Industrial Average logged its deepest weekly drop in six months. The benchmark S&P 500 logged a weekly loss of about 2.6%, its largest slide since the week ended April 11. The July jobs data helped calm investors' concerns about interest-rate timing, but the Portuguese banking situation and deteriorating conditions in the Middle East overshadowed mostly market friendly economic data.
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