The technology-heavy Nasdaq led stocks lower on Thursday as investors continued to fret about weakness in the global economy and Wall Street looked set to limp to its worst quarter in three years.
A vote by German lawmakers to beef up the crisis-hit euro zone's bailout package as well as better-than-expected data from the U.S. labor market did little to boost confidence beyond an early lift that eroded throughout the day.
The S&P consumer discretionary sector index<.GSPD> led losses with sharp falls in luxury goods names Tiffany & Co
The general sentiment is that things are not all said and done, said Joseph Greco, managing director at Meridian Equity Partners in New York. There are still big concerns about the consumer, about the housing market and labor market, about Europe.
Chinese Internet search engine Baidu
The Dow Jones industrial average <.DJI> slipped 24.63 points, or 0.22 percent, to 10,986.27. The Standard & Poor's 500 Index <.SPX> shed 8.77 points, or 0.76 percent, to 1,142.29. The Nasdaq Composite Index <.IXIC> lost 49.94 points, or 2.00 percent, to 2,441.64.
Tech names pressured the Nasdaq, with Amazon.com Inc
Other big-cap Internet names were also down. Netflix Inc
Market volatility is likely to remain high as traders react to European headlines and attempt to gauge the commitment of governments and institutions as they work to prevent a Greek default. End-of-quarter repositioning will also influence market movement.
The benchmark S&P 500 index is expected to finish the year down for the first time in three years as an escalating European debt crisis and stalled U.S. economy led strategists to slash forecasts in the latest Reuters poll.
(Reporting by Edward Krudy; Editing by Jan Paschal)