Wall Street falls for 4th straight day

Credit: Reuters Studio
Published on March 7, 2019 - Duration: 01:16s

Wall Street falls for 4th straight day

Wall Street's main indexes fell for a fourth consecutive session on Thursday after Europe's central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth.

Fred Katayama reports.

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Wall Street falls for 4th straight day

Global growth concerns dragged Wall Street lower for a fourth straight session Thursday.

The S&P 500 and Nasdaq fell below a key metric, the 200-day moving average.

Financial and consumer stocks led the declines.

Aviva Investors head of U.S. equities, Susan Schmidt: SOUNDBITE: AVIVA INVESTORS HEAD OF U.S. EQUITIES, SUSAN SCHMIDT (ENGLISH) SAYING: "The market is paying attention to global growth.

And so there were some comments today from the EU talking about the slowdown in Europe.

And I think the market is looking into that and really recognizing that we're almost priced for perfection." Pressuring stocks: the European Central Bank unveiled stimulus measures to revive the euro zone economy, and it cut its growth and inflation forecasts.

That lowered Treasury yields, which in turn depressed shares of big banks like Bank of America and JPMorgan Chase.

Kroger shares tumbled.

The supermarket chain's quarterly profit plunged, and its plans to spend up to $3.2 billion this year to modernize its stores resulted in an earnings forecast that disappointed investors.

Barnes & Noble shares sank after archrival Amazon said it plans to expand its bookstores.

Ahead of the government's jobs report Friday, investors got data pointing to strong labor conditions.

Weekly jobless claims unexpectedly fell last week.

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