Published Date:
02 December 2008
US SHARES tumbled yesterday as news pointing to the deepening economic slump around the world punctured last week's market enthusiasm, with financial services companies and retailers among Wall Street's biggest casualties.
Major industrial companies also contributed to losses on signs that global demand is faltering, leading investors to pare back risk in favour of safe-haven government debt.
The National Bureau of Economic Research, the arbiter of US business cycles, declared that the United States entered recession in December 2007, ending 73 months of economic expansion.
The Dow Jones Industrial Average ended down 679.95 points, or 7.7 per cent, at 8,149.09. The Standard & Poor's 500 index was down 80.05 points, or 8.9 per cent, at 816.19. The technology-heavy Nasdaq Composite index closed down 137.50 points, or 9 per cent, at 1,398.07.
The full article contains 149 words and appears in The Scotsman newspaper.
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Last Updated:
02 December 2008 1:23 AM
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Source:
The Scotsman
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Location:
Edinburgh
