21 Oct 2008
US stocks opened yesterday on a negative note, extending losing streak amid mounting fears of global recession.Dow Jones Industrial Average, indicator of 30 large-capitalized stocks, fell 2.48%, or 230.58 pts to 9080.41, nearing the 9000.
Nasdaq sank about 2.04%, losing more than 36.25 pts to close at 1742.76.
S&P 500 has shed 2.98%, or 29.72 pts to close at 968.29 after breaking through the 1000 barrier yesterday.
Elements Swiss Franc spearheaded advancers, adding 15.27%, followed by General growth (approx. 8.99%) and Liberty Media (8.23%). Michel OAO led decliners, losing 19.54%, followed by Linear Technology that slid 18.66%.
On the other hand, the US Treasury Secretary, Henry Paulson, said the U.S. budget deficit has tripled to hit a record of $455 billion in FY07/08, reflecting the troubles facing the US mortgage market and the slowing economic growth.
