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US stocks fall on economy worries | US stocks fall on economy worries |
(about 2 hours later) | |
US stock markets fell on Friday as concerns about the deteriorating health of the economy continued. | US stock markets fell on Friday as concerns about the deteriorating health of the economy continued. |
The main Dow Jones index closed down 2.5%, or 315.79 points, at 12,266.39, while the S&P 500 index fell 2.70% at 1,330.72. | The main Dow Jones index closed down 2.5%, or 315.79 points, at 12,266.39, while the S&P 500 index fell 2.70% at 1,330.72. |
Consumer spending figures showed households were being stretched by rising food and oil prices. | Consumer spending figures showed households were being stretched by rising food and oil prices. |
And a prediction that the cost of the credit crisis may escalate to $600bn (£300bn) depressed banking shares. | And a prediction that the cost of the credit crisis may escalate to $600bn (£300bn) depressed banking shares. |
Research from Swiss bank UBS said the banking industry alone would lose $350bn, $160bn of which had already been written off. | Research from Swiss bank UBS said the banking industry alone would lose $350bn, $160bn of which had already been written off. |
American insurer AIG was among the biggest losers, down 6.5% after the company announced the biggest quarterly loss in its 89 year history - $5.29bn. | American insurer AIG was among the biggest losers, down 6.5% after the company announced the biggest quarterly loss in its 89 year history - $5.29bn. |
Oil prices hit another record high, which continues to heighten fears of inflation in the US economy. | Oil prices hit another record high, which continues to heighten fears of inflation in the US economy. |
"We really had to face a plethora of negative news," said Art Hogan, chief market strategist at Jefferies & Co. | "We really had to face a plethora of negative news," said Art Hogan, chief market strategist at Jefferies & Co. |
Computer maker Dell fell 4.7% to $19.90 after it posted a lower-than-expected quarterly profit on Thursday, warning that customers may rein in spending. | |
The Nasdaq Composite Index closed down 60.09 points, or 2.58% at 2,271.48. | The Nasdaq Composite Index closed down 60.09 points, or 2.58% at 2,271.48. |
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