- Joined
- Mar 12, 2009
- Messages
- 13,160
- Points
- 0
Dow plunges more than 2%
May 5, 2010
The Dow Jones Industrial Average closed down more than 200 points, plummeting over two percent on concerns about the health of the eurozone. -- PHOTO: AFP
NEW YORK - THE Dow Jones Industrial Average closed down more than 200 points on Tuesday, plummeting over two percent on concerns about the health of the eurozone.
At the closing bell the Dow was down 225.06 points (2.02 per cent) to stand at 10,926.77.
The Nasdaq composite was down 74.49 points (2.98 per cent) to 2,424.25 and the Standard & Poor's 500 index was down 28.66 points (2.38 per cent) to 1,173.60.
Investors rushed to the safe-haven dollar and US bonds as fears grew that Greece's debt crisis could spread to other struggling European nations including Spain and Portugal, dragging down the community's single currency.
'The message of the markets is that European officials have more to do to prove that they have the resolve to keep Greece's problems from spreading,' wrote Patrick O'Hare of Briefing.com. 'The market is literally not buying the notion that the... aid package for Greece is a panacea.'
The euro hit 12-month lows, falling under the 1.30 dollar level, as treasuries rose on 'flight-to-safety' buys.
'It's a tough day,' said Lindsey Piegza of FTN Financial. She said investors were realising the 'severity of the problems in Europe, not only in the sense that there is going to be the need for a massive bailout for Greece, but this idea that this is very much a contagion that will spread to Portugal, Spain.' -- AFP
May 5, 2010
The Dow Jones Industrial Average closed down more than 200 points, plummeting over two percent on concerns about the health of the eurozone. -- PHOTO: AFP
NEW YORK - THE Dow Jones Industrial Average closed down more than 200 points on Tuesday, plummeting over two percent on concerns about the health of the eurozone.
At the closing bell the Dow was down 225.06 points (2.02 per cent) to stand at 10,926.77.
The Nasdaq composite was down 74.49 points (2.98 per cent) to 2,424.25 and the Standard & Poor's 500 index was down 28.66 points (2.38 per cent) to 1,173.60.
Investors rushed to the safe-haven dollar and US bonds as fears grew that Greece's debt crisis could spread to other struggling European nations including Spain and Portugal, dragging down the community's single currency.
'The message of the markets is that European officials have more to do to prove that they have the resolve to keep Greece's problems from spreading,' wrote Patrick O'Hare of Briefing.com. 'The market is literally not buying the notion that the... aid package for Greece is a panacea.'
The euro hit 12-month lows, falling under the 1.30 dollar level, as treasuries rose on 'flight-to-safety' buys.
'It's a tough day,' said Lindsey Piegza of FTN Financial. She said investors were realising the 'severity of the problems in Europe, not only in the sense that there is going to be the need for a massive bailout for Greece, but this idea that this is very much a contagion that will spread to Portugal, Spain.' -- AFP
