The Dow Jones industrial average closed at 11,951.91 Friday, falling below 12,000 for the first time since March 18, as reported by the New York Times. It dropped 172.45 points, or 1.42 percent, and was down 1.6 percent for the week, marking the sixth consecutive week there has been a loss. Christine Hauser of the Times writes that "analysts attributed [the decline] to a sense that the global economy was slowing and that European debt problems were entrenched."Financial and energy stocks declined the most; "energy stocks were more than 1.5 percent down after reports that Saudi Arabia would increase oil production," according to Hauser. Major European indexes also fell by over one percent, and China's trade surplus in May was reported lower than had been anticipated. The euro also declined, likely a response to the debt issue in Greece, "as European policy makers continued to appear unable to reach a common view" on how to move forward.
According to the article, there are no signals that stocks will rebound next week.
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