Wall St slips; Dow closes below 10K first time since Nov 4
Published on Tue, Feb 09, 2010 at 07:32 | Source : Moneycontrol.com
Updated at Tue, Feb 09, 2010 at 08:11
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Wall St slips; Dow closes below 10K first time since Nov 4
The Dow closed below the psychological 10,000 level for the first time since November 4. Worries about debt problems in Greece, Portugal and Spain dragged the markets.
The Dow closed below the psychological 10,000 level for the first time since November 4. Worries about debt problems in Greece, Portugal and Spain dragged the markets. Also Read - How ADRs performed
Financial stocks dropped 2.2% as participants pressured the sector. Bank of America was one of the weakest performers within the financial sector.
The Dow was down103.84 points, or 1%, to 9,908.39. The broader Standard & Poor's 500 index was down 9.45 points, or 0.9%, to 1,056.74, while the Nasdaq Composite Index was down 15.07 points, or 0.7%, to 2,126.05.
The dollar's move off its session lows also weighed on Wall Street. The dollar index had been down 0.4% at its session low, but cut that to a 0.1% loss.
Despite the up move in the dollar, commodities were still able to book strong gains. Crude rebounded from a seven-week low as the US mid-Atlantic region braced for a new winter storm in coming days and dug out from a weekend blizzard.
Base metals too recovered ground. Copper futures are trading higher for the first time in four sessions. Rest of the base metals also saw sizeable gains.
