Economic concerns sink stocks for 4th straight day

June 6, 2011 1:19:04 PM PDT
Lingering concerns about the U.S. economy are pushing the stock market lower for a fourth straight day. Airline stocks dropped Monday after an industry group cut its profit estimate for the year. Banks fell on concerns that the government will require them to hold more cash to cover losses.

Stocks closed broadly lower. All 10 industry groups in the S&P 500 index fell.

The Dow dropped 61 points, or 0.5 percent, to 12,090. The S&P 500 index fell 14, or 1.1 percent, to 1,286. The Nasdaq lost 30, or 1.1 percent, to 2,703.

Four stocks fell for every one that rose on the New York Stock Exchange. Consolidated volume came to 3.6 billion shares.