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U.S. stocks buckle again, Dow loses 508 points

The Sydney News.Net
Tuesday 7th October, 2008

U.S. stocks closed sharply lower Tuesday despite moves by the U.S. Federal Reserve to pump liquidity into the financial system.

A mixed but mainly positive showing in Asian, and European, bourses set the stage for American markets, but U.S. investors, despite bidding the markets up early, gave ground to sellers throughout the day. The selling in fact accelerated towards the close.

At the finish Tuesday the Dow Jones Industrials were down 508.39 points or 5.11% at 9,447.11.

The Nasdaq Composite was off 108.08 points or 5.80% at 1,754.88.

The Standard and Poor's 500 was down 54.15 points or 5.12% at 1,002.74 just before the close.

The U.S. dollar retreated somewhat Tuesday, after its extraordinary gains on Monday. In late afternoon trading in New York the euro was quoted higher at 1.3612, albeit off earlier highs. The pound weakened slightly to 1.7479 on concerns over British banks. The Japanese yen which had flirted with the 100.00 level on Monday, was back at 101.22.

The Swiss franc was slightly stronger at 1.1380, while the Australian dollar, despite the 1% interest rate cut, was marginally stronger at .7066. The Canadian dollar dived to 1.1070.

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Comments on this story

10-07-08, 11:59 AM

U.S. stocks take a breather

The black man Barack Hussein Obama is “backfiring” the Wall Steet’s stock market, also the blowing wind to Obama’s polling numbers are “backfiring” America’s security. Keep in mind, American mainstream to ask “NOW WHAT ?" to Obama, “NOW WHAT ?" to 2009. No one wants to share to a black liberal Socialist Obama. McCAIN-PALIN: “NOW WHAT ? No U-turn to Obama’s supporters' fate after November 5th."

10-07-08, 05:41 PM

Look at black ruled countries-Disaster looms

In Trinidad there is massive discrimination against the east Indian population by the ruling Afro -Trinidadians- in the military ,housing ,public service -high crime and massive corruption . Black governments are corrupt ,brutal and efficient at nothing except eliminating political opponents .
Beware America !

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