Stocks tumble as economy and techs weigh

By IBTimes Staff Reporter | August 26 2010 7:24 PM

U.S. stocks sagged on Thursday as data that showed weekly initial jobless claims fell more than expected failed to stir enthusiasm about the economy while the world's central bankers met for an annual retreat.

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The Nasdaq fared worse, falling 1 percent as tech shares sold off. Among the losers, Cisco Systems fell 2.3 percent to $20.73.

The Dow Jones industrial average <.DJI> fell 84.32 points, or 0.84 percent, to 9,975.74. The Standard & Poor's 500 Index <.SPX> lost 9.09 points, or 0.86 percent, to 1,046.24. The Nasdaq Composite Index <.IXIC> shed 22.79 points, or 1.06 percent, to 2,118.75.

(Reporting by Leah Schnurr; Editing by Kenneth Barry)

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