September 29th, 2010
06:55 PM ET

Stocks stumble at the close

A look at highlights from the day's business news:

Stocks stumble at the close

U.S. stocks ended slightly lower Wednesday, as uneasiness about the global economy continued to hang over the market and a light economic calendar gave investors little reason to jump in.

The Dow Jones industrial average slipped 23 points, or 0.2 percent, the S&P 500 fell 3 points, or 0.3 percent, and the Nasdaq lost 3 points, or 0.1 percent.

After rallying to four-month highs and gaining for a fourth straight week last week, stocks have been stuck in a rut, swinging between small gains and losses.

"The economy still hasn't improved measurably," said Brian Battle, director of Performance Trust Capital Partners. "If there is a recovery taking place, it's very uneven."

Treasury yields higher after 7-year note auction

Treasury yields moved slightly higher Wednesday after investors showed robust demand in the last auction in the Treasury's offering of $100 billion in newly printed U.S. debt this week.

The yield on the benchmark 10-year note rose to 2.50 percent from 2.46 percent late Tuesday. The yield on the 30-year bond edged up to to 3.68 percent. The five-year note yielded 1.28 percent, while the two-year note's yield edged up to 0.44 percent.

The government sold $29 billion in seven-year notes in the afternoon. Earlier this week, the Treasury sold $36 billion in two-year notes and $35 billion in five-year notes.

Investors submitted bids totaling $88.2 billion at Wednesday's auction. The bid-to-cover ratio, a measure of demand, was 3.04. That compares with 2.98 at the last seven-year sale in August.

- CNNMoney.com reporters Blake Ellis and Ben Rooney contributed to this report.

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Filed under: Business • Economy
soundoff (5 Responses)
  1. Mnemosyne

    I'm very confident that no matter what news is published and whichever way people criticize the government, we are still a strong nation. We never fall, we just tilt.

    http://www.quotes-safari.com/

    September 29, 2010 at 8:50 pm | Report abuse |
  2. might mojo

    Seriously? Stocks tumbling, take a look at this chart. Completely negates this article.

    http://www.loyalmoses.com/?chart_tumble_conspiracy

    September 29, 2010 at 10:55 pm | Report abuse |
  3. Tex

    No surprise. The congress goes home without action on the taxes issue. They are expecting to come back as lame ducks so they will expire Bush tax cuts and raise them even more. It can't hurt them then. Just see what the market does after that. This is just a dip before the real crash.

    September 30, 2010 at 7:18 am | Report abuse |
  4. Astarte

    ~~~~yawn~~~~~

    September 30, 2010 at 9:51 am | Report abuse |
  5. phil

    The avg. investor has lost money on the stock market for two decades now. The market is fixed.

    September 30, 2010 at 11:55 am | Report abuse |