Jun 2, 2008
Stocks Drop On Tepid Economic Data, Bank Shakeups
Wall Street retreated sharply Monday on more signs of economic weakness and on executive shake-ups at two major banks - reminders of the ongoing fallout from the credit crisis. The Dow Jones industrial average fell more than 100 points.
Two economic reports indicated that the economy is still struggling. As expected, the Institute for Supply Management's manufacturing index for May showed its fourth straight monthly decline, while the Commerce Department said construction spending dipped in April for the sixth time in seven months due to a drop in home construction.
Read full story from CBS13/CW31
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