Text Size

Email Post

Print Post

Comments (1)

Save Article

New York - U.S. Stocks fell Tuesday amid growing doubts about the economic recovery. There were some pockets of gains in the banking and pharmaceutical sectors.

The Dow Jones Industrial Average was down more than 150 points, or 1.94 percent. The S&P 500 shed 1.9 percent and the Nasdaq was off more than 2 percent.

Validating investor fears about the economy, an Obama economic adviser suggested that a second round of stimulus may be needed.

"Talk of a new stimulus plan is actually a confidence killer," Joseph Battipaglia, market strategist at Stifel Nicolaus, told Reuters. "That would mean we've added a trillion dollars to debt without anything to show for it."

Adding to investor concerns, a report showed consumer credit-card debt hit an all-time high in the first quarter.