Summary Box: Stocks fall on concern that market has risen too fast; Consumer borrowing drops
By APWednesday, April 7, 2010
Summary Box: Drop in consumer credit hits stocks
BROKEN CALM: Stocks slid in late-day trading Wednesday after investors grew concerned that a two-month string of almost uninterrupted gains had pushed the market too high.
CONSUMER SLUMP: The slide intensified after the Federal Reserve said in the final hour of trading that consumer borrowing fell by $11.5 billion in February. Analysts had expected an increase. The drop raised concerns about consumer spending.
OTHER PROBLEMS: A drop in the price of oil hurt energy stocks. Meanwhile, unease about Greece’s debt problems raised questions about the pace of the global rebound.
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