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Market Update :

Global Markets Decline On U.S. Worries

Author: 123jump.com Staff
123jump.com
Last Update: 4:52 PM EST February 05 2008

U.S. stocks fell in the morning after the release of survey on the service sector. The indexes traded lower and in the last hours fell sharply to close 3% lower. S&P 500 led the decliners with a fall of 3.2% followed by a loss of 3.1% in Nasdaq, and 2.93% in Dow Jones. Of the 500 members in S&P 500 index, 481 fell and 17 gained. All the 30 members in the Dow declined. European and Latin markets fell between 2% and 3%. Oil and gold declined.

[R]10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – U.S. market averages fell 3% on a latest worries of economic slowdown. A read on service sector showed a dramatic decline in January, sparking fears of recession.[/R]

European Markets

In London FTSE 100 Index closed lower 158.20 or 2.63% to 5,868.00, in Paris CAC 40 Index decreased 196.78 or 3.96% to close at 4,776.86 and in Frankfurt DAX index lower 235.24 or 3.36% to close at 6,765.25. In Zurich trading SMI decreased 234.29 or 3.02% to close at 7,517.41.

North American Markets indexes

Dow Jones Industrial Average lost 370.03 or 2.93% to a close of 12,265.13, S&P 500 closed down 44.160 or 3.20% to 1,336.66, and Nasdaq Composite Index traded down 73.28 or 3.08% to a close of 2,309.57.

In Toronto TSX Composite closed down 315.16 or 2.38% to close at 12,943.00.

Of the 30 stocks in Dow Jones Industrial Average, none closed higher, 30 closed lower, and none were unchanged.

Citigroup led the decliners in the index with a fall of 7.2% followed by losses in Intel Corp of 5.05%, in JP Morgan Chase of 4.8%, in Home Depot of 4.7%, in Verizon of 4.6%, and in Caterpillar of 4.6%.

There were no gainers in the index.

Of the stocks in S&P 500, 17 closed higher, 481 fell, and 2 were unchanged. Three stocks rose more than 3% and two hundred and seventy one stocks fell more than 3%.

Whirlpool led the gainers in the index with a rise of 10% followed by gains in Computer Sciences of 6.03%, in Avon products of 5%, and in Google of 2.3%. NYSE Euronext led the decliners in the index with a fall of 14% followed by losses Principal Financial of 11%, in MGIC Investment of 10%, and in AMD of 8.9%.

South American Markets Indexes

In Latin Markets Mexico led the decliners in the region with a loss of 4.56% followed by decreases in Peru of 3.55%, Chile of 3.30%, in Colombia of 2.02%, and in Argentina of 1.43%.

Brazil is closed for holiday on Monday and Tuesday and Mexico was closed on Monday..

Asian Markets

In Tokyo Nikkei 225 Index closed lower 114.20 or 0.82% to 13,745.50, in Hong Kong Hang Seng index decreased 223.38 or 0.89% closed to 24,808.70, in Australia ASX 200 index lower 74.50 or 1.27% to close 5,792.90.

In South Korea Kospi Index increased 6.44 or 0.38% to close at 1,696.57, in Thailand SET index closed lower 3.88 or 0.48% to 807.68, and Indonesia JSE Index edged increased 2.62 or 0.10% to 2,704.25. Sensex index in India increased 2.84 or 0.02% to 18,663.16.

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