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  HOME | Business & Economy (Click here for more)

Wall Street Plunges Again, Dow Drops 2.13%

NEW YORK – Wall Street plunged again on Thursday with the Dow Jones Industrial Average, the market’s main indicator, losing 2.13 percent on volatility caused by higher rates on public bonds and continuing trade tensions with China.

At the close of trading, the Dow had lost another 545.91 points and stood at 25,052.83, after on Wednesday having suffered its largest daily loss since February – 831 points – for a total drop of almost 1,400 points, or more than 5 percent, in just two days.

Meanwhile, the S&P 500 index also plunged again, losing 2.06 percent, or 57.31 points, and closing at 2,782.37, while the Nasdaq index slid 1.25 percent, or 92.99 points, to 7,329.06 despite having rallied earlier in the day.

All market sectors ended up with losses, with the main problems being felt in the energy sector (-3.09 percent), financials (-2.93 percent) and real estate (-2.91 percent), while the tech sector, which on Wednesday suffered its worst day in seven years, ceded a more moderate 1.27 percent.

Trading was volatile from the opening bell with all three main indexes moving into positive territory early on, spurred upwards by favorable government data on inflation for September, but the optimism didn’t last and the markets soon began to slide.

September inflation grew by 0.1 percent compared to the previous month for an annualized total of 2.3 percent, nicely below the annualized 2.7 percent for August.

During the last half hour of trading, all the indexes slipped sharply, albeit not as badly as they had done on Wednesday.

Among the 30 Dow stocks, among those experiencing the largest percentage losses on the day were Pfizer (-3.82 percent), Exxon Mobil (-3.45 percent), Chevron (-3.40 percent), Cisco (-3.31 percent) and McDonalds (-3.21 percent).

In other markets, West Texas crude fell to $70.97 per barrel, gold shot up to $1,227.10 per ounce and the dollar lost ground to $1.1595 against the euro.

 

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