Home
Economic worries weigh down on US stocks
Jordan News.Net
Wednesday 26th March, 2008
U.S. stocks on Wednesday had substantial losses as waning business spending re-ignited worries about the economy.
Investors seem less concerned about the credit crisis of last week, involving the near collapse of investment firm Bear Stearns, by replacing those fears with worries about a U.S. recession.
News that a buyout of Clear Channel Communications could be in jeopardy due to unavailability of loan funds also dampened sentiment.
Orders for durable goods, an indicator of business spending, slid 1.7% in February, marking the second month of declines.
The Dow Jones Industrial Average fell 109.74 points to end at 12,422.86, with 23 of its 30 components posting declines.
The S&P 500 fell 11.86 points to 1,341.13.
The Nasdaq Composite lost 16.69 points to 2,324.36.
In corporate developments, Ford Motor said it is selling its Jaguar and Land Rover brands to India's Tata Motors for $2.3 billion in cash.
Motorola said its board of directors approved a plan to break the company into two independent, publicly traded companies.
 Email this story to a friend
Have your say on this story
|
|
