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Dow Logs 3-Day Decline Amid Global Worries
22 Mar 2012 EDT - CNBC.com
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Stocks closed in negative territory Thursday, on track to log its worst week this year, as economic concerns over China and the euro zone overshadowed a better-than-expected jobless claims report.

The Dow Jones Industrial Average fell 78.48 points, or 0.60 percent, to close at 13,046.14, led by Alcoa and Chevron . The Dow was down 107 points at its session low.

The S&P 500 slumped 10.11 points, or 0.72 percent, to end at 1,392.78, closing below the 1,400 milestone. The Nasdaq slipped 12 points, or 0.39 percent, to finish at 3,063.32.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 15.

Most key S&P sectors finished in the red, led by energy and materials, while consumer staples eked out a gain.

“I don’t think this is a sign of a bigger correction,” said Tim Speiss, head of personal wealth advisers with EisnerAmper. “Once again, the turbulence is coming from overseas…we might see a flattening, but we’re going to remain thoroughly stable.”

Speiss said the global slowdown may affect manufacturing data in the U.S. in the short-term, but an improving employment environment and rising consumption among consumers will likely counter some of the weakness.

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