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Wall Street stocks suffers worst single day
www.chinaview.cn 2005-04-16 06:11:45

    NEW YORK, April 15 (Xinhuanet) -- Wall Street stocks suffered their worst single day on Friday in about two years as investors deeply concerned about the nation's economy and corporate earnings.

    The Dow Jones industrial average dropped 191.24 points, or 1.86percent, to 10,087.51 points. The Dow fell 125 points Thursday and 104 points Wednesday. The broader market also ended lower. The Nasdaq composite index declined 38.56 points, or 1.98 percent, to 1,908.15 points, and the Standard & Poor's 500 index lost 19.43 points, or 1.67 percent, to 1,142.62 points.

    For the week, the Dow fell 3.57 percent, the S&P 500 shed 3.27 percent, and the Nasdaq dropped 4.56 percent. The three major gauges were also at their lowest points of 2005, with the Dow falling 6.45 percent, the Nasdaq down 12.29 percent and the S&P losing 5.72 percent.

    A disappointing industrial growth report triggered Friday's sell-off. The Federal Reserve said the nation's overall industrial production rose 0.3 percent in March, up from 0.2 percent in February, but the increase came only from utility production due to a colder-than-expected month, and manufacturing and other industrial sectors showed losses for the first time in six months. Investors worried that higher energy and materials costs were affecting manufacturing growth.

    Meanwhile, International Business Machine Corp.(IBM) reported lower-than-expected earnings, which led to the widespread fears that technology spending would be substantially worse than expected this year.

    Among Friday's gainers were Citigroup Inc., which rose 35 cents to 45.75 dollars after beating analysts' expectations for its quarterly profits, and General Electric Co. climbed 25 cents to 35.75 dollars after the company posted a 25 percent rise in first-quarter profits.

    However, IBM tumbled 6.94 dollars to 76.60 dollars after missing market's forecasts for its quarterly earnings. IBM was also the biggest loser on the Dow.

    On the NYSE, declining stocks outnumbered advancers about 4 to 1, and the trading volume was 2.18 billion shares.

    In late New York trading, the euro rose to 1.2907 dollars from 1.2827 and the British pound climbed to 1.8914 dollars from 1.8818 late Thursday. The dollar was traded at 107.76 dollars, down from 108.12, 1.2015 Swiss francs, down from 1.2124, and 1.2475 Canadian dollars, up from 1.2417. Enditem  

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