AGL 34.48 Decreased By ▼ -0.72 (-2.05%)
AIRLINK 132.50 Increased By ▲ 9.27 (7.52%)
BOP 5.16 Increased By ▲ 0.12 (2.38%)
CNERGY 3.83 Decreased By ▼ -0.08 (-2.05%)
DCL 8.10 Decreased By ▼ -0.05 (-0.61%)
DFML 45.30 Increased By ▲ 1.08 (2.44%)
DGKC 75.90 Increased By ▲ 1.55 (2.08%)
FCCL 24.85 Increased By ▲ 0.38 (1.55%)
FFBL 44.18 Decreased By ▼ -4.02 (-8.34%)
FFL 8.80 Increased By ▲ 0.02 (0.23%)
HUBC 144.00 Decreased By ▼ -1.85 (-1.27%)
HUMNL 10.52 Decreased By ▼ -0.33 (-3.04%)
KEL 4.00 No Change ▼ 0.00 (0%)
KOSM 7.74 Decreased By ▼ -0.26 (-3.25%)
MLCF 33.25 Increased By ▲ 0.45 (1.37%)
NBP 56.50 Decreased By ▼ -0.65 (-1.14%)
OGDC 141.00 Decreased By ▼ -4.35 (-2.99%)
PAEL 25.70 Decreased By ▼ -0.05 (-0.19%)
PIBTL 5.74 Decreased By ▼ -0.02 (-0.35%)
PPL 112.74 Decreased By ▼ -4.06 (-3.48%)
PRL 24.08 Increased By ▲ 0.08 (0.33%)
PTC 11.19 Increased By ▲ 0.14 (1.27%)
SEARL 58.50 Increased By ▲ 0.09 (0.15%)
TELE 7.42 Decreased By ▼ -0.07 (-0.93%)
TOMCL 41.00 Decreased By ▼ -0.10 (-0.24%)
TPLP 8.23 Decreased By ▼ -0.08 (-0.96%)
TREET 15.14 Decreased By ▼ -0.06 (-0.39%)
TRG 56.10 Increased By ▲ 0.90 (1.63%)
UNITY 27.70 Decreased By ▼ -0.15 (-0.54%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 8,605 Increased By 33.2 (0.39%)
BR30 26,904 Decreased By -371.6 (-1.36%)
KSE100 82,074 Increased By 615.2 (0.76%)
KSE30 26,034 Increased By 234.5 (0.91%)
Markets

US stocks dive on overseas fears

NEW YORK: US stocks were sharply lower Monday as investors fretted about heightened European debt woes and global econ
Published May 23, 2011

wallst NEW YORK: US stocks were sharply lower Monday as investors fretted about heightened European debt woes and global economic growth following manufacturing slowdowns in the eurozone and China.

At around 1530 GMT the Dow Jones Industrial Average of blue-chip stocks was down 144.21 points (1.15 percent) to 12,367.83.

The broader S&P 500-stock index tumbled 16.34 points (1.23 percent) to 1,316.93, while the tech-heavy Nasdaq Composite fell 45.88 points (1.64 percent) to 2,757.44.

The poor opening for the week came after three straight weeks of losses on the markets.

All 30 Dow components were down with Caterpillar losing 3.1 percent and Boeing losing 1.9 percent. The fate of both is closely tied to strong economic growth especially in emerging economies like China.

Among tech stocks, China's Internet giant Baidu lost 3.4 percent.

Shares of the social networking firm LinkedIn, which more than doubled after going public last week at an IPO price of $45, fell 9.4 percent to $84.55.

"Major stock market averages around the world have fallen sharply on Monday in response to a batch of negative headlines focused on foreign concerns," said Patrick O'Hare at Briefing.com.

"In particular, manufacturing surveys for May out of China and the eurozone revealed a slowing in business activity from April; Standard & Poor's cut its debt rating outlook for Italy to negative from stable; and Spain's Socialist Party got clobbered in local elections, raising concerns newly elected officials might discover a worse debt picture than had been previously disclosed," he said.

The bond market rose as the US dollar jumped against the euro. The yield on the 10-year Treasury note slipped to 3.11 percent from 3.15 percent late Thursday, while that on the 30-year bond was at 4.26 percent from 4.30 percent.

Bond prices and yields move in opposite directions.

Copyright AFP (Agence France-Presse), 2011

Comments

Comments are closed.