Posted June 15, 2009
NEW YORK — Bad economic news and doubts about the market’s ability to rally dealt stocks a huge setback.
The Dow Jones industrials fell 187 points Monday, their biggest drop since April 20. All the major market indexes fell more than 2 percent.
Trading volume was light, suggesting an absence of buyers rather than a flood of sellers rushing to dump stocks, but the pullback was nonetheless another sign that the market’s spring rally has stalled.
Harry Rady of Rady Asset Management said stocks have risen too fast given how troubled the economy remains. “The market just seems to keep driving the car into the wall and then wonders why it can’t keep driving,” Rady said.
On the Big Board: Declining issues outpaced gainers by about 17-3 on light consolidated volume of 4.55 billion shares, up from Friday’s 4.39 billion. — The Associated Press