1st Ld-Writethru: U.S. stocks tumble amid recovery concerns
Monday, August 30, 2021 4:27 PM

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NEW YORK, Aug. 30, 2010 (Xinhua News Agency) -- The U.S. stocks fell across the board on Monday as fear about the health of the economy returned to the market.

All major indexes shed more than one percent, with Dow average losing more than 140 points. Cautious trading dominated the market and drove money to bond and other safer investments.

The Commerce Department reported on Monday that personal spending rose 0.4 percent in July, the biggest jump in four months. Although the reading was higher than analysts' expectation, it failed to boost the market as investors were cautious ahead of the key monthly employment data due out on Friday.

Meanwhile, personal income rose 0.2 percent last month, below the 0.3-percent growth rate economists had expected.

Monday's move came after a strong rally on Friday after Federal Reserve Chairman Ben Bernanke said the central bank would take actions if the economy deteriorates significantly.

The Dow Jones industrial average fell 140.92 points, or 1.39 percent, to 10,009.73. The Standard & Poor's 500 index lost 15.67 points, or 1.47 percent, to 1,048.92 and the Nasdaq tumbled 33.66 points, or 1.56 percent, to 2,119.97.



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