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Wall Street hammered
Feb 9, 2010
Dow closes below 10,000
Global markets were fragile as investors grappled with concerns that debt-ridden countries Greece, Spain and Portugal may be unable to stabilise their public finances, having spent heavily to combat recession. -- PHOTO: AP
NEW YORK - US STOCKS tumbled on Monday amid lingering worries about debt problems in the euro zone, sending the Dow Jones industrials to a close below 10,000 for the first time since November 4.
The blue-chip Dow Jones Industrial Average slumped 103.84 points (1.04 per cent) to end at 9,908.39, as a late-day selloff accelerated in the final hour.
The Nasdaq composite shed 15.07 points (0.70 per cent) to 2,126.05 and the broad-market Standard & Poor's 500 index lost 9.45 points (0.89 per cent) to 1,056.74.
Global markets were fragile as investors grappled with concerns that debt-ridden countries Greece, Spain and Portugal may be unable to stabilise their public finances, having spent heavily to combat recession.
Analysts said that the problems in the eurozone raised fears about the global economic recovery, even if the immediate debt crisis is averted. 'Assuming the sovereign debt crisis is deferred through loans and outside intervention, as it must, the question then becomes whether the world recovery is progressing,' said economist Donald Ratajczak at Morgan Keegan. 'Some stumbling in European confidence even before this sovereign crisis raised some concerns.'
Elizabeth Harrow at Schaeffer's Investment Research said the market was also unsettled by a report indicating the US Federal Reserve was working on its plan to unwind its massive stimulus efforts. 'Traders are still considering the possible ramifications of near-crippling sovereign debt loads across the euro zone - and now, the market is facing up to the fact that the US central bank must begin to slowly unravel its wide-reaching stimulus efforts,' she said. -- AFP
Feb 9, 2010
Dow closes below 10,000
Global markets were fragile as investors grappled with concerns that debt-ridden countries Greece, Spain and Portugal may be unable to stabilise their public finances, having spent heavily to combat recession. -- PHOTO: AP
NEW YORK - US STOCKS tumbled on Monday amid lingering worries about debt problems in the euro zone, sending the Dow Jones industrials to a close below 10,000 for the first time since November 4.
The blue-chip Dow Jones Industrial Average slumped 103.84 points (1.04 per cent) to end at 9,908.39, as a late-day selloff accelerated in the final hour.
The Nasdaq composite shed 15.07 points (0.70 per cent) to 2,126.05 and the broad-market Standard & Poor's 500 index lost 9.45 points (0.89 per cent) to 1,056.74.
Global markets were fragile as investors grappled with concerns that debt-ridden countries Greece, Spain and Portugal may be unable to stabilise their public finances, having spent heavily to combat recession.
Analysts said that the problems in the eurozone raised fears about the global economic recovery, even if the immediate debt crisis is averted. 'Assuming the sovereign debt crisis is deferred through loans and outside intervention, as it must, the question then becomes whether the world recovery is progressing,' said economist Donald Ratajczak at Morgan Keegan. 'Some stumbling in European confidence even before this sovereign crisis raised some concerns.'
Elizabeth Harrow at Schaeffer's Investment Research said the market was also unsettled by a report indicating the US Federal Reserve was working on its plan to unwind its massive stimulus efforts. 'Traders are still considering the possible ramifications of near-crippling sovereign debt loads across the euro zone - and now, the market is facing up to the fact that the US central bank must begin to slowly unravel its wide-reaching stimulus efforts,' she said. -- AFP
