2011 gains are gone as selloff continues

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Posted: Aug 4, 2011 11:25 AM
Source: Associated Press

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Topics: new york, stock, market, financial, economy, slowdown, wbrz, louisiana, wall street

NEW YORK - Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe.

The Dow Jones industrial average dove more than 350 points, erasing its gains for the year.

The latest sign of weakness in the U.S. economy was a report that the number of first-time claims for unemployment edged only slightly lower last week. It is the latest sign that the job market remains stagnant.

European stocks fell more than 3 percent because of concerns that Italy or Spain may need help from the European Union.

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