US indices retreat thanks to global economic worries

<p>Worries over worldwide economic growth are affecting US indices.</p>

The major US indices have retreated today as worries over the global economy continue.

As of 15:58 BST today (September 20th), the Nasdaq, Dow Jones and Standard & Poor's 500 have all fallen from their opening positions.

Economic growth in both Europe and China is slowing and this seems to be having an effect on investor confidence in the US and across global markets.

The Wall Street Journal reported that weaker than expected US labour-market data was released just one hour before trading started today, with initial claims for jobless benefits in the latest week found to be 382,000.

Hank Smith, chief investment officer of Haverford Trust, told the paper the figure – which is higher than the 373,000 expected – are typical of a "below-average, painfully sluggish economy".

"The market has come a long way recently, so it wouldn't be surprising for it to take a pause here," he added.

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