Wednesday stocks opened on a rally, but finished badly.
Earlier in a day, stocks rallied as sales of new homes rose to the highest level in two years and stronger than estimated growth in durable-goods orders gave data points for strengthening of US economic recovery. Durable-goods are those items whose life is greater than 3 years. This includes items like washers, dryers, television sets and telecommunication devices etc.
However, stocks fell in the last hour of trading session on a Financial Times report saying China was reviewing its European debt holdings. Euro was trading at $1.21.
The Dow closed below the psychological mark of 10,000 for the first time since February 2010. It fell 0.7% to 9974. The Nasdaq declined 0.7 % to 2195, erasing 2.1% morning gains. The S&P 500 fell 0.6%.
Volume rose across the boards.
June Gold was trading at $1212 per troy of ounce. Crude oil was trading at $70.8 per barrel.
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