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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.<br /><br />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.<br /><br />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.<br /><br />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." <br /><br />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.<br /><br />In company news, <b>JP Morgan</b> 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.<br /><br /><b>Intel</b> 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.<br /><br />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. <br /><br /><b>Chevron</b> and <b>Exxon Mobil</b> fell sharply as oil prices slumped below $75 a barrel.<br /><br /><b>S&P 500 - Risers</b><br />Hudson City Bancorp Inc. (HCBK) $17.21 +7.08%<br />General Growth Property Inc. (GGP) $5.63 +3.30%<br />Regions Financial Corp. (RF) $11.67 +2.64%<br />Altera Corp. (ALTR) $17.49 +2.22%<br />Conagra Food Inc. (CAG) $18.91 +2.22%<br />General Mills Inc. (GIS) $65.18 +1.18%<br />Coca Cola Co (KO) $44.21 +1.10%<br /><br /><b>S&P 500 - Fallers</b><br />Southwestern Energy (SWN) $21.62 -30.08%<br />Jones Apparel Group Inc. (JNY) $9.93 -26.57%<br />Chesapeake Energy Corp. (CHK) $16.28 -24.56%<br />Genworth Financial (GNW) $5.18 -23.15%<br />Peabody Energy Corp. (BTU) $24.01 -21.41%<br />Slm Corp. (SLM) $9.06 -21.22%<br /><br /><b>Dow Jones I.A - Risers</b><br />Coca Cola Co (KO) $44.21 +1.10%<br /><br /><b>Dow Jones I.A - Fallers</b><br />Exxon Mobil Corp. (XOM) $62.33 -13.98%<br />American Express Inc. (AXP) $24.35 -13.62%<br />Citigroup Inc. (C) $16.23 -12.84%<br />Alcoa Inc. (AA) $11.34 -12.70%<br />Chevron Corp. (CVX) $59.95 -12.53%<br />Caterpillar Inc. (CAT) $42.06 -11.43%<br />
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