| CATEGORY: MARKET REPORT - US |
US open: Stocks fall heavily |
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Wed 10 Feb 2010
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LONDON (SHARECAST) - US stocks have fallen sharply after early gains as the dollar climbed higher knocking miners and other commodity-related shares.
The Dow is now 70 points lower at 9,987. Nasdaq has shed 16 at 2,134, while the S&P 500 is 8 lower at 1,061.
EU leaders will address the euro zone’s debt problems at the informal gathering on Thursday, with an aid package for Greece on the agenda., but investors switched attention back to the US and the soaring dollar.
The December trade balance widened to $40.2bn. Exports rose $4.6bn to $142.7bn, while imports increased $8.4bn to $182.9bn. Federal Reserve chairman Ben Bernanke said economy still requires support, adding to the unease of the health of the economy.
After the close last night, Walt Disney reported a modest drop in first-quarter profit as declines at its theme park and consumer units offset solid figures from the media giant's TV networks.
Net income fell less than 1% to $844m, or 44 cents a share, in the three months ending 2 January compared with earnings of $845m, or 45 cents, last year. Revenue rose 1% to $9.7bn. The results surpassed most Wall Street estimates.
Elsewhere, Japan’s car industry suffered another setback Wednesday when Honda said it will be recalling almost 440,000 vehicles that may have faulty airbags.
The country’s second-largest carmaker is fixing the problem which has been linked to at least one death and 11 injuries in the United States.
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