New York, NY (BBN) – U.S. stock markets slumped during the most part of the week due to the worse-than-expected US initial jobless claims, weak manufacturing data, dismal housing and durable goods data that weigh on investors’ confidence, while it erase declines on Wednesday and it was up 19.61 points, or 0.20 percent, at 10,060.06 levels as key technical support triggered bargain hunting that offset weak economic data.
Over the week, the Dow Jones Industrial Average (DJIA) slipped 36.71 points or 0.35 percent to 10,060.06, according to reports.
Japan’s Nikkei 225 index initially declined as the JPY strengthened and Europe’s debt crisis and concern about slowing economic growth in China and the U.S. dented confidence in a global recovery.
After four days of falls, Japan’s Nikkei 225 index clawed away from 16-month lows on Thursday, buoyed by short-covering after falling more than 500 points over the last week, with buying of futures by long-term domestic investors. The Nikkei 225 index ended the week at 9,362.68 points, adding 150.09 points or 1.62 percent over the previous week.
BBN/SI/AD-27Aug10-11:18 pm (BST)