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Wall Street still weak amid concerns about AIG
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08:22, September 17, 2008

 Related Channel News
· U.S. financial crisis triggered global turmoil
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Wall Street moved moderately lower but off the worst level Tuesday, a day after Wall Street's worst session since September 11th terrorist attack, as nervous investors awaited an interest rates decision from the Federal Reserve on interest rates and a possible solution to American International Group Inc.

Stocks briefly pared early losses and moved to positive territory, after CNBC reported that the New York Fed is holding a meeting on possible solution to troubled largest insurer AIG, which tumbled another 56 percent in early trading as its credit rating was downgraded by S&P and Moody's when struggling to raise capital.

However, financials still faced enormous pressure and the earnings result from Goldman Sachs failed to boost the market sentiment. Goldman Sachs posted that third-quarter profit fell a record 70 percent, the sharpest drop since it went public nine years ago. Goldman Sachs and Morgan Stanley dropped five percent and 16 percent, separately.

The market seemed unfazed, after the New York Federal Reserve announced that it would inject 50 billions U.S. dollars into the banking system and stands ready to add more if needed. The move comes ahead of the Federal Reserve's interest-rate committee announces its decision on interest rates.

Oil plummeted 10 dollars in two sessions, which weighed on energy stocks but sent airlines and automakers higher. Light, sweet crude dropped 3.40 dollars to 92.31 dollars per barrel on the New York Mercantile Exchange on expectations that refineries in the Gulf of Mexico might restart production within a week.

The Dow Jones fell 39.81 to 10877.70. Broader indexes also moved lower. The Standard & Poor's 500 index dipped 5.46 to 1,187.24; and the Nasdaq fell 6.87 to 2,173.04.

Source:Xinhua



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