Pedestrians are reflected on an electronic board showing stock prices in Tokyo October 22, 2007.
Photo: Reuters
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Slump on U.S. Stock Market Triggered Chain Reaction Worldwide
The U.S. stock exchangers fell to the lowest levels of two months. The slump is generally blamed on bad corporate news and Asia responded to it in no time.
U.S. Dow Jones lost 366.94 (-2.64 percent) to 13,522.02 October 19, Nasdaq fell 74.15 (-2.65 percent) to 2,725.16, S&P shed 39.45 (-2.56 percent) to 1,500.63. The analysts blame the slump on poor corporate news. Indeed, Wachovia Corp suffered hefty losses after it informed about the 10-percent drop in net profits in its Q3 report.
Citigroup, for instance, lost 3.5 percent to $42.31 per a stock by the trading result, the Bank of America sank 2.6 percent to $47.57 a stock and a stock of J.P.Morgan lowered 2 percent to $44.98.
The drop in crude prices drove down the quotes of Exxon Mobil Corp, which lost 3.1 percent to $92.14 per a stock. Chevron Corp declined 3.4 percent to $89.27 a stock.
The markets of Asia went down in no time and the analysts predict that Russia will hardly escape. According to Alfa Bank analysts, the country’s stock exchanges will have the negative adjustment of at least 1 percent.
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