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Stocks fall again in early trading

August 19, 2011 |  6:51 am

Stockmarket

Stock markets opened lower Friday morning as concerns about European banks and the U.S. economy continued to haunt investors.

The Dow Jones industrial average was recently down 106 points, or 0.97%, to 10884.17.

The morning provided little in the way of new economic data, but a number of new economists announced that they were scaling back their predictions for economic growth. In addition, concern about the financial sector was amplified after Bank of America said Thursday night that it was cutting at least 3,500 jobs.

The declines built on the big losses Thursday, which came as investors worried about the health of European banks.

Earlier today, leading indexes fell 1.8% in England and 1.4% in France. Markets in Asia also fell overnight.

Gold, the safe haven of choice during recent turmoil, climbed again.

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-- Nathaniel Popper

Photo: Brendan McDermid / Reuters

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