U.S. stocks dropped sharply, S&P 500 Hits Tuesday August 2, 2011

Indonesia stock info - U.S. stocks dropped sharply, S&P 500 Hits Tuesday August 2, 2011 ; U.S. stocks dropped sharply Tuesday amid fresh worries over the state of the economy, pushing the market to its longest losing streak in nearly three years and sending the Standard & Poor's 500-stock index to a 2011 closing low.

The Dow Jones Industrial Average tumbled 265.87 points, or 2.19%, to 11866.62. All 30 Dow components finished in the red. The blue-chip index suffered its eighth consecutive decline, its longest since October 2008. It has lost more than 800 points during the skid, dating back to July 22.

Tuesday's selloff steepened just before the closing bell. The Dow dropped more than 100 points in the final hour of trading.

The Standard & Poor's 500-stock index shed 32.89 points, or 2.56%, to 1254.05, led lower by consumer discretionary and industrial stocks. All 10 sectors in the S&P 500 closed in negative territory.

The technology-oriented Nasdaq Composite gave up 75.37 points, or 2.75%, to 2669.24.

Investors fretted even as President Barack Obama signed into law a bill raising the nation's debt ceiling. The focus has turned to weak growth plaguing the economy. Data Tuesday showed Americans cut spending by the most in nearly two years and saved at a faster rate during June, a pair of signs that underscored the economy's lack of vigor.

The consumer-spending figures highlight another troubling aspect of the struggling recovery. Last week brought news that the U.S. economy barely grew in the first half of the year, and a report on Monday showed that manufacturing is shaky. Friday's employment report is expected to continue to show a stagnant labor market.

"The market is in corrective mode," said Tom Donino, co-head of trading at First New York Securities. "There's also a lot of fear going into the unemployment report."

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