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The Honolulu Advertiser
Posted on: Tuesday, June 16, 2009

Deep market drop yet another sign that spring rally has stalled


Associated Press

NEW YORK — Bad economic news and doubts about the market's ability to rally dealt stocks a huge setback.

Trading volume was light, suggesting an absence of buyers rather than a flood of sellers rushing to dump stocks, but the pullback nonetheless was another sign that the market's spring rally has stalled.

The slide began in Asia and Europe and spread to the U.S. as a strong dollar pushed commodities prices sharply lower. Stocks of energy and materials producers have been lifting the market in the past month so the drop in prices left stocks without an important leg of support.