Stocks fell Thursday as fears about a global economic slowdown and disappointing corporate results weighed on the market. Investors are concerned that global central banks are unable to stimulate economic activity as growth remains sluggish. Concerns about corporate profits also took a toll on sentiment following weaker-than-expected Q2 reports this week. A drop in weekly claims for unemployment benefits failed to brighten the gloomy mood. The initial euphoria from the recent European summit has faded.
Consumers kept a tight grip on their wallets for a third straight month as concerns about slower job creation, stalled global growth and the European debt crisis loomed. The mood was also gloomy as worries about a slowdown in China were heightened over the weekend after Prime Minister Web Jiabao said his country's economic troubles will continue. Investors also kept a close eye on earnings reports. Citigroup kicked off the busy week by topping analysts' forecasts, even as its quarterly revenue fell short of estimates. Shares of Yahoo rose more than 2% in after-hours trading after the company named Google executive Marissa Mayer as its new CEO.
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