US stocks fall on lower consumer debt

Top Stories

»	49% Indian startups now from tier 2, 3 cities: Jitendra Singh
»	'India ranks 3rd in global startup ecosystem & number of unicorns'
»	Tripura exported over 9K tonnes of pineapples in 2 years
»	CPI inflation eases to 6.71% in July, IIP falls to 12.3%
»	Rupee depreciates 12 paise to close at 79.64 against US dollar

DPA | 08 Mar, 2010
Major US stock indices declined Wednesday after government data showed consumers were reluctant to take on more debt, and Federal Reserve Chairman Ben Bernanke hedged his bets on economic recovery.

"The economy seems to have stabilized and is beginning to grow again," Bernanke said in a speech from Dallas, Texas. "But we are far from being out of the woods."

Bernanke cited high unemployment, rampant home foreclosures and poor credit access for small businesses as causes of concern.

The US central bank reported that consumer credit dropped by $11.5 billion in February, signalling that households remain reluctant to ramp up spending.

The blue-chip Dow Jones Industrial Average fell 72.47 points, or 0.66 percent, to 10,897.52. The broader Standard and Poor's 500 Index was down 6.99 points, or 0.59 percent, to 1,182.45. The technology-heavy Nasdaq Composite Index fell 5.65 points, or 0.23 percent, to 2,431.16.

The US currency rose against the euro to 74.91 euro cents from 74.74 euro cents on Tuesday. The dollar fell against the Japanese currency to 93.36 yen from 93.76 yen the previous day.