Late plunge takes Dow below 10,000

08:21, May 27, 2010      

Email | Print | Subscribe | Comments | Forum 

A late-session plunge took Wall Street to negative territory on Wednesday, with the Dow ending below 10,000 for the first time since February, showing market sentiment was fragile at the moment.

The Dow Jones industrial average fell 69.30, or 0.69 percent, to end at 9,974.45, after surging as much as 1.4 percent in morning trading. It was the eighth drop for the Dow in 10 days.

The Standard & Poor's 500 index dropped 6.08, or 0.57 percent, to 1,067.95 and the Nasdaq declined 15.07, or 0.68 percent, to 2, 195.88.

U.S. stocks kicked off the session on a high note on Wednesday, as investors cheered a double dose of upbeat economic data from the Commerce Department.

First, orders for durable goods increased 2.9 percent in April to a seasonally adjusted 193.9 billion dollars, primarily pushed forward by a huge surge in civilian airplanes. The reading was much better than economists had expected, showing the manufacturing factor was still on track for recovery.

In addition, purchases of new homes in the U.S. jumped in April to the highest level in two years as buyers rushed to qualify for a government tax credit before it expired at the end of the month.

According to the report, sales of new single-family homes rose 14.8 percent to an annual rate of 504,000 units in April, after a 29.8 percent surge in March.

The stock slump at day's end was the opposite of Tuesday, when major indexes erased most of the morning losses and ended little changed.

Wednesday's reversal came after the euro weakened again and approached its four-year low, a sign how nervous traders are about the debt problems in Europe.

U.S. stocks have been tracking the movement of the 16-nation currency for weeks. A sliding euro indicates waning confidence in Europe's ability to handle the debt problems in the euro-zone.

Microsoft had the biggest decline in the Dow, slumping 4.07 percent to end at 25.01 dollars per share after its CEO Steve Ballmer said problems in Europe will have a ripple impact.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
  • An Indian artist colours clay idols of Goddess Durga for the upcoming Durga Puja festival in Calcutta, capital of eastern Indian state West Bengal on Sept. 27, 2011. The festival celebrates the homecoming of Mother Goddess Durga and the victory of good over evil, dramatized by the goddess' demolition of the evil buffalo demon, Mahishasura. (Xinhua/Tumpa Mondal)
  • A model presents a creation of new upcoming designer Sergei Grinko at the Milan Fashion Week Women's Wear Spring/Summer 2012 in Milan, northern Italy, Sept. 27, 2011. The Milan fashion week closed on Tuesday. (Xinhua/Wang Qingqin)
  • Yu Guangyao (2nd R), president of Shanghai Shentong Metro Co., Ltd, bows his apology at a press conference on the subway trains collision accident happened Tuesday afternoon, in east China's Shanghai Municipality, Sept. 27, 2011. By 8:30 p.m. (1230 GMT) Tuesday, a total of 271 injured people in the accident have received medical treatment in hospitals, among them 180 have been dispatched. Other 61 injured people are still in hospital, in which 30 are under emergency observations. No critical injuries have been reported. (Xinhua/Chen Fei)
  • Children visit the Confucian temple in Tainan, southeast China's Taiwan, Sept. 27, 2011. A ceremony will be held at the temple to commemorate Confucius (551-479 BC) on Sept. 28, the birthday of the ancient Chinese thinker and educationist and the annual Teacher's Day of Taiwan in honor of him. (Xinhua/Ren Zhenglai)
Hot Forum Discussion