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Dow's close is nearly identical to eight years ago
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NEW YORK - Investors pulled money out of stocks after a five-day rally left the market at its highest levels in nearly a year.
Even with the latest surge, stocks have little to show for the past decade. Eight years to the day after the Sept. 11 terror attacks, the Dow Jones industrial average finished within one-tenth of a point where it ended on Sept. 10, 2001, illustrating how hard markets have been hit by the recession.
Stocks slipped in quiet trading Friday after the recent string of gains and a drop in oil prices. Crude slid 3.7 percent, which hurt energy stocks like Exxon Mobil Corp. That overshadowed a rosier profit forecast from FedEx Corp. and a government report on improving sales at wholesalers.
Even with the losses, stocks still logged big gains for the week.
The forecast from FedEx is important because its delivery business is seen as an indicator of how healthy the economy is. FedEx cited stronger international shipments and cost-cutting for the improvement. Investors track demand at industrial companies because rising orders would be one of the first signals that the economy is strengthening.
Separately, the Commerce Department reported that sales at the wholesale level rose in July by the biggest amount in more than a year, even though inventories fell for a record 11th straight month.
The Dow Jones industrial average fell 22.07, or 0.2 percent, to 9,605.41. The index closed Thursday at its highest level since October. Because of the steep slide that began in fall 2007, stocks are still stuck at about the same level they were at eight years ago. On Sept. 10, 2001, the Dow ended at 9,605.51; that is nearly identical to Friday's close of 9,605.41.
The broader Standard & Poor's 500 index fell 1.41, or 0.1 percent, to 1,042.73, and the Nasdaq composite index fell 3.12, or 0.2 percent, to 2,080.90.
ASSOCIATED PRESS
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