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August 03, 2008 Sunday Rajab 30, 1429



Wall Street ends lower


NEW YORK, Aug 2: Wall Street ended the week slightly lower on Friday amid conflicting economic signals as traders and investors awaited a looming policy meeting of the Federal Reserve in the coming week.

Stocks seesawed through the week to Friday in continued volatile trade as investors sought to read the latest economic tea leaves.

Multiple reports showed that the US economy was expanding, albeit at a lackluster second quarter pace of 1.9 per cent, that home prices continued to fall, as did car sales, and that job losses continued to mount.

While the latter reports appeared bleak on the surface, economists pointed out that July job cuts of 51,000 were not nearly as bad as feared.

The Dow Jones Industrial Average of 30 blue-chip shares fell 0.39 per cent in the week to Friday, to end at 11,326.32, while the broad-market Standard & Poor’s 500 index lost a more modest 0.20 per cent to 1,260.31.—AFP







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