Wall St. shares down on recession fears
2008-01-23 07:02:45 SINA English
|
|
US stocks slid at the open on Wednesday on recession worries and a weak profit outlook from iPod maker Apple Inc as the Nasdaq composite index crossed a bear market threshold.
The Dow Jones Industrial Average plunged 255.09 points (2.13 percent) within the first six minutes of trade and the tech-heavy Nasdaq fell 57.75 points (2.52 percent) to 2,234.52.
The broad-market Standard & Poor's 500 index dropped 32.41 points (2.47 percent) to 1,278.09.
On Tuesday, the major indices pared losses after the Fed rate cut but closed lower for the fifth straight session. The Dow dropped 1.06 percent, the Nasdaq 2.04 percent and the S&P 500 1.11 percent.
Investors on Wednesday were still digesting the Fed's surprise inter-meeting rate cut of three-fourths a percentage point off its base federal funds rate, slashing it to 3.5 percent.
(Agencies)
More News
- Coal shortages, transport problems cause power gaps
- U.S. stocks head for lower open as futures fall
- Beijing Airport: "we are not so bad" after critical report
- China's 2nd largest oil field 11.79% larger than previously thought
- China Eastern, China Southern tie up
- China's NBS to release macroeconomic data for 2007
- Chinese shares rebound by more than 3%
- China issues more than $300 bln T-bonds in 2007
- Will subprime crisis cool China growth?
- Hong Kong stocks rebound 1,150 points at midday
- Yuan gains, stocks continue to slide
- Sinopec, BP to raise acetate output at Chongqing facility
- China machinery output up 32% in 2007 to record 7 trln yuan
- Yuan rose sharply against U.S. dollar after Fed rate cut
- China to launch growth enterprise board, stock index futures