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US close: Another pounding for US shares
Thu, 20 Nov, 2008
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US close: Another pounding for US shares
Wed, 15 Oct 2008, 22:21:00
Concern about a looming recession sent shares tumbling with the gloom deepened by poor retail sales figures and downbeat comments from Fed Chairman Ben Bernanke.
Dow Jones fell 733 points to 8,577, its second worst single-day point loss ever. Nasdaq closed at a five-year low of 1,628 after shedding 150 points and the S&P 500 gave up 90 to close at 907.
US retail sales dropped the most in three years in September as the jobs market continued to deteriorate. Sales slipped 1.2% last month following a 0.7% drop in August. Overall sales were whacked by a 3.8% plunge in the car market.
Ben Bernanke added to the gloom as he said the measures taken in the US and elsewhere to improve financial liquidity would take time to make a major impact and that the "credit markets will take some time to unfreeze."
Producer prices fell 0.4% in September, as expected, but the core PPI, which excludes volatile food and oil prices, increased by 0.4%, double forecasts.
In company news,
JP Morgan
saw third-quarter profit slump by 84% due to losses on bad mortgage investments, leveraged loans and home loans. Third quarter earnings fell to $527m or 11c a share from $3.4bn or 97 cents a share over the same period a year ago. The results included losses of $640m related to the takeover of the bank Washington Mutual and $3.6bn in mortgage-related markdowns.
Intel
held up better than most after the computer chip titan said profits jumped a better than expected 12% during the third quarter, although it noted "signs of stress" following recent turmoil in financial markets.
Sales of its new Atom chip helped boost revenue for the three months to 27 September by 1% to $10.22bn and net income to $2bn from $1.8bn a year earlier. Intel now expects fourth quarter revenue to come in between $10.1bn and $10.9bn.
Chevron
and
Exxon Mobil
fell sharply as oil prices slumped below $75 a barrel.
S&P 500 - Risers
Hudson City Bancorp Inc. (HCBK) $17.21 +7.08%
General Growth Property Inc. (GGP) $5.63 +3.30%
Regions Financial Corp. (RF) $11.67 +2.64%
Altera Corp. (ALTR) $17.49 +2.22%
Conagra Food Inc. (CAG) $18.91 +2.22%
General Mills Inc. (GIS) $65.18 +1.18%
Coca Cola Co (KO) $44.21 +1.10%
S&P 500 - Fallers
Southwestern Energy (SWN) $21.62 -30.08%
Jones Apparel Group Inc. (JNY) $9.93 -26.57%
Chesapeake Energy Corp. (CHK) $16.28 -24.56%
Genworth Financial (GNW) $5.18 -23.15%
Peabody Energy Corp. (BTU) $24.01 -21.41%
Slm Corp. (SLM) $9.06 -21.22%
Dow Jones I.A - Risers
Coca Cola Co (KO) $44.21 +1.10%
Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $62.33 -13.98%
American Express Inc. (AXP) $24.35 -13.62%
Citigroup Inc. (C) $16.23 -12.84%
Alcoa Inc. (AA) $11.34 -12.70%
Chevron Corp. (CVX) $59.95 -12.53%
Caterpillar Inc. (CAT) $42.06 -11.43%
©2004-2006 QCK.com
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