Stock market unable to keep up with gains

Calcutta News.Net
Monday 5th January, 2009

US investors were relatively cautious on Monday with Wall Street giving back some gains from last week’s stock market rally.

After investors sent the Dow Jones Industrial Average soaring to a two-month high on Friday, they seemed concerned about pouring too more money into the battered market.

A report that construction spending had fallen less than expected did not really pick the market up, although there was some energy on the floor due to president-elect Barack Obama’s calls for an economic stimulus package.

The Commerce Department said construction spending dropped by 0.6 percent in November, half the 1.3 percent decline Wall Street expected.

The Dow Jones industrial average fell 81.80 to 8,952.89.

The Standard & Poor’s 500 index fell 4.35 to 927.45.

The Nasdaq composite index fell 4.18 to 1,628.03.

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