Senin, Agustus 31, 2009

US stocks fall

US stocks fall after sell-off in Asia


Traders work on the floor of the New York Stock ExchangeReuters – Traders work on the floor of the New York Stock Exchange, August 3, 2009. REUTERS/Brendan McDermid
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NEW YORK – A sharp drop in Asian markets has set off a wave of selling in U.S. stocks.

Major stock indicators fell about 1 percent in midday trading Monday after a 6.7 percent decline in China's main index. The biggest losses were in energy and material stocks, as prices for commodities like crude and copper plunged.

The selling of Chinese shares has been fed by concerns over a tightening in bank lending that could hurt that country's economy. Commodities rely on a robust Chinese economy to drive demand.

"As China goes, so goes a lot of the rest of the world," said Brian Nick, investment strategist at Barclays Wealth.

The selloff in China rattled investors who were already on edge going in to the last trading day of August. With stocks up more than 45 percent over the past six months, investors are increasingly worried that the market may have gotten too far ahead of the economy. Key reports later this week on manufacturing and employment in August could either upset the market's six-month rally or help push it forward.

Without evidence of actual economic growth, analysts have warned that the market's rally could fizzle in the coming weeks, especially as traders head into September, historically a rough month for the stock market.

"There's enough jitteriness to set the stage for a decline," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. "The economic numbers could neutralize the nervousness, could putportfolio managers' worries to rest."

Two big deals between The Walt Disney Co. and Marvel Entertainment Inc. and oilfield services companiesBaker Hughes Inc. and BJ Services Co. did little to support the market.

The Dow Jones industrial average fell 83.59, or 0.9 percent, to 9,460.61. The Standard & Poor's 500 index fell 11.16, or 1.1 percent, to 1,017.77, while the Nasdaq composite index fell 24.79, or 1.2 percent, to 2,003.98.

http://news.yahoo.com/s/ap/20090831/ap_on_bi_st_ma_re/us_wall_street;_ylt=Ao6VCJrpsp9PXvlbETFC_LCyBhIF;_ylu=X3oDMTJmc20zMm5pBGFzc2V0A2FwLzIwMDkwODMxL3VzX3dhbGxfc3RyZWV0BGNwb3MDMQRwb3MDMgRzZWMDeW5fdG9wX3N0b3J5BHNsawN1c3N0b2Nrc2ZhbGw-

Terlalu Banyak Ciptakan Sarjana Pencari Kerja!

Ciputra: Kita Terlalu Banyak Ciptakan
Sarjana Pencari Kerja!
Ilustrasi: "Generasi muda kita tidak memiliki kecakapan menciptakan pekerjaan bagi dirinya sendiri, karena mereka terbiasa berpikir untuk mencari kerja," ujar Antonius Tanan dalam seminar 'Entrepreneurship Inspiring our Journey' di SMA Kolese Kanisius, Jakarta, Sabtu (29/8).
    SENIN, 31 AGUSTUS 2009 | 11:37 WIB

    JAKARTA, KOMPAS.com — Pengusaha Ciputra mengatakan, akar musabab kemiskinan di Indonesia bukan semata akibat akses pendidikan, karena hal itu hanya sebagian, melainkan karena negara tidak menumbuhkembangkanentrepreneurship dan jiwa entrepreneur dengan baik pada masyarakatnya.

    "Kita banyak menciptakan sarjana pencari kerja, bukan pencipta lapangan kerja, itu membuat masyarakat kita terbiasa makan gaji sehingga tidak mandiri dan kreatif," ujar Ciputra di hadapan peserta seminar "Entrepreneurship Inspiring Our Journey" yang digelar di SMA Kolese Kanisius, Jakarta, Sabtu (29/8).

    Entrepreneur atau wirausahawan, kata pria yang akrab disapa Pak Ci' ini, adalah seseorang yang mampu mengubah kotoran atau rongsokan menjadi emas. Dengan demikian, kata dia, negara selama ini hanya mencetak begitu banyak sarjana yang hanya mengandalkan kemampuan akademisnya, tetapi menjadikan mereka lulusan yang tidak kreatif.

    "Malaysia punya lebih banyak wirausahawan daripada Indonesia, kini mereka lebih maju karena pendapatannya yang empat kali lebih besar dari Indonesia," ujar Pak Ci'.

    Sarjana pencari kerja

    Makin banyak entrepreneur, sejatinya semakin makmur suatu negara. Ilmuwan dari Amerika Serikat (AS) David McClelland pernah menjelaskan bahwa suatu negara disebut makmur jika minimal mempunyai jumlah wirausahawan minimal 2 persen dari jumlah penduduk di negara tersebut.

    Menurut Ir Antonius Tanan, Direktur Human Resources Development (HRD) Ciputra Group yang juga menangani Ciputra Entrepreneurship School (CES), bahwa pada 2007 lalu AS memiliki 11,5 persen wirausahawan di negaranya.

    Sementara itu, Singapura memunyai 4,24 juta wirausahawan pada 2001 atau sekitar 2,1 persen. Namun, empat tahun kemudian jumlah tersebut meningkat menjadi 7,2 persen, sedangkan Indonesia hanya memiliki 0,18 persen jumlah wirausahawan.

    "Negara kita terlalu banyak memiliki perguruan tinggi dan terlalu banyak menghasilkan sarjana, tetapi sayangnya tidak diimbangi dengan banyaknya lapangan kerja," tandas Antonius.

    "Akhirnya kita hanya banyak melahirkan pengangguran terdidik, tahun 2008 kita punya 1,1 juta penganggur yang merupakan lulusan perguruan tinggi," ujarnya.

    Data tahun 2005/2006, misalnya, lanjut Antonius, terdapat 323.902 lulusan perguruan tinggi yang lulus. Kemudian dalam waktu 6 bulan dari Agustus 2006 sampai Februari 2007, jumlah penganggur terdidik naik sebesar 66.578 orang.

    "Generasi muda kita tidak memiliki kecakapan menciptakan pekerjaan bagi dirinya sendiri karena mereka terbiasa berpikir untuk mencari kerja," ujar Antonius.


    LTF

    http://edukasi.kompas.com/read/xml/2009/08/31/11374948/Ciputra.Kita.Terlalu.Banyak.Ciptakan.Sarjana.Pencari.Kerja.

    Sabtu, Agustus 29, 2009

    NGO International Serukan Bahaya Perubahan Iklim Dunia

    Sabtu, 29/08/2009 17:19 WIB
    3 NGO International Serukan
    Bahaya Perubahan Iklim Dunia
    Andi Saputra - detikNews

    (Foto: Andi Saputra/ detikcom)

    Jakarta
    - 3 Non Goverment Organization (NGO) internasional menyerukan bahaya perubahan iklim dunia bagi negara-negara berkembang. Aksi ini menandai 100 hari menjelang Konferensi Perubahan Iklim PBB atau UNFCCC (United Nation Frameworks Conventions of Climate Change) di Kopenhagen, Denmark, 7 Desember 2009.

    Ketiga NGO itu yaitu Oxfam, WWF dan Greenpeace. "Indonesia dengan negara kepulauan terbesar di Indonesia menjadikan rentan terhadap air muka laut, banjir dan badai," kata Direktur Program Iklim dan Energi, WWF-Indonesia kepada wartawan di Bundaran HI, Jakarta, Sabtu, (29/8/2009).

    Aksi tersebut di gelar di Bundaran HI dengan mengapungkan 9 pemimpin negara dunia di kolam air HI, tak terkecuali Presiden RI, SBY. Selain itu, demonstran juga menaikkan banner raksasa ukuran 3 x 8 meter bertuliskan TIK TOK TIK TOK COPENHAGEN 7-12-2009 di atas kolam air.

    "Ini menyimbolkan tak ada pilihan bagi negara untuk segera menyelamatkan iklim dunia. Jika tidak, maka kita akan tenggelam dalam laut. Itu disimbolkan dengan kolam air HI ini," lanjutnya.

    Aksi unik ini mengundang perhatian masyarakat Jakaarta yang kebetulan lewat di Bundaran HI. Mereka melambatkan kendaraanya sambil melihat pembentangan spanduk raksasa berlatar belakang 9 pemimpin dunia. Akibatnya, antrean kendaraan mengekor dari Jalan Sudirman sampai Dukuh Atas.
    (asp/gah)

    Jumat, Agustus 28, 2009

    Chicago's vacant post office

    Chicago's vacant post office auctioned for $40 million


    Chicago's Vacant Post Office Auctioned For $40MPlay VideoCBS 2 Chicago – Chicago's Vacant Post Office Auctioned For $40M
    Chicago's old main post officeReuters – Chicago's old main post office in an undated image courtesy of the United States Postal Service. …

    CHICAGO (Reuters) – Chicago's old main post office, which dates from the 1920s and has been vacant for more than a decade, was sold at auction on Thursday for $40 million.

    The minimum bid was just $300,000 and bidders had to have a certified check for $250,000 to express good faith.

    The U.S. Postal Service identified the new owner as International Property Developers North America Inc, which did not specify its plans.

    In a statement read by a postal service spokesman, the company said it would "re-energize the property as a focal point and destination for the entire city and its visitors for the next century."

    "To paraphrase Daniel Burnham, let me assure you that we shall make no small plans," it said.

    The building of 2.5 million square feet (232,000 square meters), which straddles an expressway and sits above railroad tracks, was deemed a must-sell because the postal service did not want to keep paying the $2 million annual cost of upkeep, auctioneer Rick Levin & Associatessaid.

    The postal service moved its main office across the street from the old facility in 1997.

    The old nine-story building, flanked by two towers, was once the U.S. Postal Service's largest facility. Its soaring marble-floored lobby was featured in a scene in "The Dark Knight," the latest entry in the Batman movie franchise.

    Among past failed proposals for the structure, which sits adjacent to the Chicago River and near the downtown Loop, were converting it into condominiums, a hotel, an auto dealership, an indoor parking facility, a casino and water park.

    (Reporting by Andrew Stern; Editing by John O'Callaghan)

    http://news.yahoo.com/s/nm/20090828/lf_nm_life/us_chicago_postoffice

    Rabu, Agustus 26, 2009

    Fondasi Bangunan Kuno Bantul

    Tim Ekskavasi Gali Fondasi Bangunan Kuno
    SELASA, 11 AGUSTUS 2009 | 20:47 WIB

    BANTUL, KOMPAS.com — Tim ekskavasi gabungan Dinas Kebudayaan DI Yogyakarta dan Balai Pelestarian Peninggalan Purbakala berhasil menggali fondasi atau batur bangunan kuno yang terbuat dari batu bata dengan hiasan batu putih berukir bunga dan ornamen. Temuan tersebut diduga kuat merupakan bagian dari Situs Keraton Pleret peninggalan Kerajaan Mataram Islam.

    Fondasi berdimensi panjang sekitar lima meter, tinggi satu meter, dan lebar 50 sentimeter tersebut ditemukan dalam ekskavasi yang berlangsung pekan lalu di depan Masjid Al-Mukaromah, Dusun Sarean, Wonokromo, Pleret, Bantul, DI Yogyakarta. Saat ini, fondasi yang ditemukan terpendam di kedalaman lebih kurang 1,5 meter dari permukaan tanah itu telah dilindungi dengan pagar kayu.

    Koordinator Lapangan Ekskavasi Rully Andriadi mengatakan, bangunan hampir bisa dipastikan peninggalan dari pemerintahan Kerajaan Mataram Islam yang berpusat di sekitar daerah tersebut pada sekitar abad XVI hingga XVII. "Dugaan ini didukung oleh konstruksinya yang khas bangunan abad XVI dan XVII serta lokasinya yang hanya sekitar empat kilometer dari Situs Kedaton Pleret," katanya, Selasa (11/8).

    Menurut Rully, penemuan itu cukup penting karena menunjukkan cakupan Kompleks Situs Pleret bisa lebih luas dari yang sudah diketahui selama ini. Sebelumnya, cakupan Situs Kedaton Pleret itu hanya mencakup beberapa dusun di kecamatan yang sama antara lain Kauman, Kerto, dan Kedaton.

    Akan tetapi, belum bisa dipastikan bentuk, fungsi, ataupun waktu pembangunan. Ini karena data yang berhasil dihimpun tim ekskavasi masih sangat minim. Sejauh ini, satu-satunya sumber informasi itu hanya berasal dari cerita turun-temurun di masyarakat sekitar.

    Kisah itu menyebutkan, bangunan tersebut merupakan masjid kuno yang dibangun oleh Ki Ageng Gribig sebelum pindah ke Jatinom, Kabupaten Klaten, Jawa Tengah. Tokoh itu disebut sebagai salah satu pemuka agama yang hidup pada masa pemerintahan Sultan Agung atau sekitar tahun 1613.

    Salah satu warga asli Dusun Sarean, Tugiyem (70-an) menuturkan, dahulu banyak bagian bangunan yang berada di permukaan tanah, antara lain batu putih besar berukir serta sumur batu kuno berbentuk persegi. Namun, sejak sekitar 2006, sisa-sisa batu berukir sudah tidak ada lagi karena diambil beberapa pendatang maupun tertimbun reruntuhan saat gempa bumi.

    Adapun sumur kuno yang dulunya terletak sekitar 50 meter di depan bangunan sudah lama hilang karena ditimbun penduduk. Penimbunan itu dilakukan karena beberapa penduduk khawatir sumur yang tinggi tubirnya hanya beberapa sentimeter itu bisa membahayakan anak-anak yang bermain di sekitarnya.


    IRE

    http://sains.kompas.com/read/xml/2009/08/11/20475770/tim.ekskavasi.gali.fondasi.bangunan.kuno

    Situs Trowulan

    Perlu Gerakan Bersama Menjaga Situs Trowulan
    Petugas Balai Pelestarian Peninggalan Purbakala (BP3) Trowulan, Jawa Timur, Senin (3/8), melakukan ekskavasi di bekas lokasi pembangunan Pusat Informasi Majapahit, Trowulan, Mojokerto. Ekskavasi akan dilakukan dalam empat tahap hingga akhir 2009.

      RABU, 12 AGUSTUS 2009 | 21:58 WIB
      Laporan wartawan KOMPAS Lukas Adi Prasetya

      YOGYAKARTA, KOMPAS.com - Harus ada gerakan bersama dari semua komponen masyarakat untuk terus menjaga Situs Trowulan di Kabupaten Mojokerto, Jawa Timur agar lestari dan tidak rusak.

      Pasti masih ada banyak benda arkeologis yang bisa dicari dari lokasi situs itu, untuk kemudian dikaji menjadi tambahan kekayaan literatur Indonesia.

      Demikian disampaikan arkeolog yang juga Ketua Jurusan Arkeologi Universitas Gadjah Mada Inajati Adrisijanti, dalam Presentasi Trowulan: Pusaka Sejarah Bangsa, di Karta Pustaka, Bintaran, Yogyakarta Rabu (12/8).

      Situs Trowulan perlu dijaga karena menjadi saksi kebesaran peradaban Majapahit, kerajaan terbesar di Nusantara (1293-1522 Masehi), yang tersisa. Situs Trowulan terletak 60 km barat daya Surabaya. Seperti pernah diteliti arkeolog Nurhadi Rangkuti, situs tempat ibu kota Majapahit ini, terhampar pada areal seluas 11 x 9 km.

      Inajati mengungkapkan, upaya perusakan terhadap situs ini masih bisa terjadi. Kasus terbaru, yang muncul awal tahun ini adalah pembangunan Pusat Informasi Majapahit (PIM) di lokasi situs. Kritik bermunculan karena PIM dibangun begitu saja, tanpa penelitian sebelumnya. Alhasil perusakan situs pun terjadi.

      Ancaman lain ialah, masih banyak orang yang mengambil batu bata penyusun situs, dan menghancurkannya untuk dijadikan semen merah. Juga oleh mereka yang mengambil tanah di lokasi situs, untuk dijadikan batu bata. Batu bata penyusun bangunan situs, diketahui berkualitas prima. Batu-bata melekat satu sama lain dengan digosok. Teknisnya sederhana, yakni, permukaan dua batu bata saling dibasahi, lantas ditempelkan. Ini beda dengan batu bata sekarang yang jika diba sahi malah hancur.

      "Penggalian tanah di Trowulan harus dicegah. Di dalam tanah, banyak benda-benda kuno bernilai arkeologis. Barang-barang itu punya potensi diperjual-belikan, sehingga mendorong terjadinya pasar gelap. Ini masih berlangsung karena ini berhubungan pula dengan tuntutan ekonomi masyarakat," ujar Inajati.

      Ia juga menyebut pembangunan rumah di lokasi situs juga bakal menjadi ancaman bila tak cepat dicari solusinya.

      Trowulan adalah situs yang komplet . Pada lokasi yang dulunya ibu kota Majapahit saat mencapai puncak kejayaan ini, ditemukan aneka situs, mulai dari situs bangunan suci, makam, kanal, waduk, dan tempat tinggal. Gerakan bersama menjaga situs ini harus cepat dilakukan, dan tentunya melibatkan partisipasi masyarakat.

      "Banyak kajian ilmiah bisa dikembangkan dari situs-Trowulan. Membicarakan Majapahit sebagai embiro negara ini, tak hanya melulu menyoal kronologis sejarah, dan sejarah politik. Namun, perlu juga mencari tahu sebisa mungkin kehidupan sosial budaya masyarakat waktu itu. Ini akan menjadi literatur yang sangat berharga, baik bagi kami, maupun bangsa," ucapnya.

      Banyak cerita latar belakang yang menarik, dan masih perlu didalami dari Trowulan. Misalnya tentang latar belakang Candi Tikus dan patung kepala mahapatih Majapahit, Gadjah Mada, yang kesohor.

      "Tentang Candi Tikus, nama tikus ternyata ada kisahnya. Saat itu di sawah disekitar candi terserang hama tikus. Setelah ditelusuri, tikusnya masuk ke bukit. Oleh Bupati Mojokerto waktu itu, bukit digali dan ketemulah candi ini," kata Inajati.

      "Sedangkan tentang patung kepala Gadjah Mada, yang sudah telanjur diyakini sebagai wajah Gadjah Mada, ternyata hanya bagian dari celengan. patung kepala itu ditemukan di dekat sebuah gapura. Masih banyak penelitian bisa dikembangkan," paparnya.


      http://sains.kompas.com/read/xml/2009/08/12/21585710/perlu.gerakan.bersama.menjaga.situs.trowulan

      Minggu, Agustus 23, 2009

      Agenda Obama dan Defisit

      New deficit projections pose risks

      to Obama's agenda


      US President Obama speaks about the elections in Afghanistan from the White House in WashingtonReuters – U.S. President Barack Obama speaks about the elections in Afghanistan from the White House in Washington …


      WASHINGTON (Reuters) – President Barack Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade.

      The White House budget office and the Congressional Budget Office(CBO), a non-partisan arm of Congress, release updated economic forecasts and deficit estimates on Tuesday, providing further fiscal fodder to opponents of Obama's nearly $1 trillion healthcare overhaul plan.

      Many of the figures are already known.

      The White House has confirmed that its deficit estimate for the 2009 fiscal year, which ends September 30, will inch down to $1.58 trillion from $1.84 trillion after eliminating billions of dollars originally set aside for bank rescues.

      Looking forward, an administration official told Reuters the 10-yearbudget deficit projection will jump by about $2 trillion to roughly $9 trillion from an original forecast of $7.1 trillion.

      "One message the numbers will send is that the medium- and long-term deficits need to be addressed," said Chuck Marr, director of federal tax policy at the Washington-based Center on Budget and Policy Priorities, an analysis and research organization.

      Obama has promised to do that. The president, a Democrat, says he will cut the deficit in half by the end of his four-year term, and he sees lowering healthcare costs as a key ingredient toward achieving long-term deficit reduction.

      But Republicans charge that his proposals to extend coverage to uninsured Americans and create competition for private insurance providers are too expensive, especially as deficits go up.

      UNSUSTAINABLE TRAJECTORY

      "We're still on a long-run trajectory that's not sustainable," said Rudolph Penner, a fellow at the Urban Instituteand former CBO director from 1983-1987.

      "In an ideal world they would be doing a lot more to get health costs under control and, in my view, we wouldn't be talking about expanding coverage right now," said Penner, who describes himself as a moderate Republican.

      The CBO had previously forecast that deficits between 2010 and 2019 would total $9.1 trillion, generating heat for the White House, which stuck to its original $7.1 trillion forecast earlier this year. The new number will bring White House projections into line with the CBO, the official said.

      In line or not, the political challenges of the updated deficit projections are numerous. With Congressional elections looming next year, Obama will need to show he is serious about cutting costs in order to neutralize an otherwise politically radioactive issue for both political parties.

      Many economists think it is unlikely that the government can curtail spending, which means taxes would have to rise to cover the increasing costs of providing retirement benefits and healthcare to older people. That could slow economic growth.

      Stanford University economics professor John Taylor, an influential economist, told Reuters Television on Friday the U.S. budget deficit poses a greater risk to the financial system than the collapse in commercial real estate prices.

      "If that gets out of control, if interest rates start to rise because people are reluctant to buy all that debt, then that can slow the economy down. So, that's the more systemic concern I have," Taylor said.

      (Editing by Eric Walsh)

      http://news.yahoo.com/s/nm/20090823/ts_nm/us_obama_budget

      Selasa, Agustus 18, 2009

      Saham dan Minyak Dunia Bertumbangan

      Saham dan Minyak Dunia Bertumbangan
      Saham



      SENIN, 17 AGUSTUS 2009 | 20:09 WIB

      LONDON, KOMPAS.com — Harga saham dan minyak dunia bertumbangan, Senin (17/8), saat pasar dililit oleh kekhawatiran akan prospek konsumen di AS. Pasar dikekang oleh kekhawatiran terhadap lambannya langkah pemulihan ekonomi global meskipun terdapat kabar bahwa Jepang telah keluar dari masa resesi.

      Di Eropa, indeks saham terkemuka Inggris FTSE 100 turun 76,23 poin atau 1,6 persen serta berada pada 4.637,74. Sementara indeks DAX di Jerman merosot 95,78 poin atau 1,8 persen menjadi 5.213,33. Indeks CAC-40 di Perancis anjlok 58,69 poin atau 1,7 persen menjadi 3.436,31.

      Bursa saham Shanghai yang merosot hampir 6 persen memimpin penurunan tajam nilai saham di Asia saat dibukanya transaksi di Wall Street. Indeks berjangka Dow Jones turun 157 poin atau 1,7 persen menjadi 9.164 dan indeks Standard & Poor’s 500 anjlok 18,5 poin atau 1,8 persen menjadi 987,30.

      Hasil survei kepercayaan konsumen Jumat pekan lalu yang dipadukan dengan laporan penurunan pendapatan beberapa perusahaan AS seperti Abercrombie & Fitch Co., JC Penney Corp. serta Nordstrom Inc. telah memicu keprihatinan tentang kemungkinan kondisi ekonomi dunia tidak akan pulih secepat yang diperkirakan sebagian besar kalangan pasar selama ini.

      Dari bursa komoditas, kontrak berjangka pengiriman minyak mentah light sweet untuk September di New York Mercantile Exchange menurun 1,57 dollar AS menjadi 65,94 dollar AS per barrel. Harga minyak terus merosot tajam di tengah terdapat kekhawatiran pasar terhadap permintaan pasar global yang tidak setinggi yang diperkirakan sebelumnya. Analis menjelaskan penurunan harga minyak mendekati 5 dollar AS dalam transaksi 2 hari terakhir telah menunjukkan bukti lain bahwa investor saham telah membukukan profit.


      JIM
      Sumber : AP

      http://bisniskeuangan.kompas.com/read/xml/2009/08/17/20093910/saham.dan.minyak.dunia.bertumbangan

      Senin, Agustus 17, 2009

      Stocks plunge as investors worry about consumers

      Stocks plunge as investors worry about consumers


      Traders work on the floor of the New York Stock Exchange, Monday, Aug. 17, 2009.AP – Traders work on the floor of the New York Stock Exchange, Monday, Aug. 17, 2009. (AP Photo/Seth Wenig)
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      LOW20.94-1.89
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      NEW YORK – Investors' rising fears about consumer spending are turning stocks into a risky investment again.

      Stocks plunged and Treasury prices soared Monday as investors around the world feared that consumers are too anxious to lift the economy into recovery. The losses on stock exchanges extended the heavy selling that began Friday with a disappointing reading on consumer confidence. And bond investors, once again searching for a safe investment, bought heavily into Treasurys.

      The Dow Jones industrials fell 165 points, while overseas, theShanghai stock market tumbled almost 6 percent and the major indexes in Europe fell more than 1.5 percent.

      Stocks fell across all industries as investors worried that consumers' reluctance to spend will hurt corporate earnings. Many companies second-quarter results were boosted by cost-cutting, not higher sales, and the fear is that without a pickup in sales, earnings will fall.

      While other parts of the economy, including housing and manufacturing, are showing signs of progress, the country cannot have a strong recovery unless consumers are spending more freely. Their spending accounts for more than two-thirds of U.S. economic activity.

      Traders got more bad news about the consumer Monday when home improvement retailer Lowe's Cos. said poor weather and cautious consumer spending caused sales to fall 19 percent in the second quarter. The company's results missed analysts' forecasts.

      The market's reaction to news of a reluctant consumer had many questioning whether a five-month rally was way too optimistic. At its recent high the S&P 500 index had climbed almost 50 percent from a 12-year low in early March.

      Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said the market had risen too far and that the selling was warranted.

      "The economics obviously don't support where we've been," he said.

      Other analysts were more upbeat, saying some retreat was to be expected.

      "We have come an awful long way. To not expect a sell-off after the degree of increase — I think you're dreaming," said John Merrill, chief investment officer of Tanglewood Wealth Management in Houston.

      In midday trading, the Dow fell 163.16, or 1.8 percent, to 9,253.10. The broader Standard & Poor's 500 index fell 21.22, or 2.1 percent, to 982.87, while Nasdaq composite index fell 48.13, or 2.4 percent, to 1,937.39.

      About 2,700 stocks fell while only 280 rose on the New York Stock Exchange, where volume came to 471.9 million shares compared with 435.2 million shares traded Friday.

      The Chicago Board Options Exchange's Volatility Index, also known as the market's fear index, surged 13.2 percent Monday. The VIX rose 3.22 to 27.49. It is down 31 percent in 2009 and its historical average is 18 to 20. It hit a record 89.5 in October at the height of the financial crisis.

      Meanwhile, the yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.49 percent from 3.57 percent late Friday.

      Overseas, Japan's Nikkei stock average fell 3.1 percent as investors weren't satisfied by news that the country had emerged from recession in the second quarter. China's main market fell 5.8 percent as investors worried that stocks had risen too quickly and the government would tighten bank lending policies.

      In afternoon trading, Britain's FTSE 100 fell 1.8 percent, Germany's DAX index fell 1.9 percent, and France's CAC-40 fell 2.2 percent.

      Stocks fell Friday following a sharp drop in the Reuters/University of Michigan consumer sentiment index, which followed a surprisingly weak July retail sales report from the Commerce Department.

      The mixed economic readings of the past several months aren't surprising. A turnaround produces mixed messages because not all parts of the economy recover at the same speed and some indicators start to show life before others.

      Analysts say investors who had expected the economy would rocket higher got ahead of themselves by sending stocks up so quickly. Many economists have predicted a gradual recovery in the economy, in part because unemployment rates could remain high.

      Investors are worried about consumers and unemployment because that could make it harder for the economy to return to growth. In downturns over the past 60 years, the S&P 500 index has hit bottom on average four months before a recession ended and about nine months before unemployment reached its peak.

      Oil prices also extended their losses, reflecting the growing concerns about a weak economy that will curtail demand for energy. A barrel of crude oil fell $1.74 to $65.77 a barrel on the New York Mercantile Exchange.

      Among companies reporting results Monday, Lowe's shares fell $1.99, or 8.7 percent, to $20.84.

      The dollar rose against other major currencies, while gold prices fell.

      The Russell 2000 index of smaller companies fell 14.20, or 2.5 percent, to 549.70.


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