Dow Jones Industrial Average down as trading opens

August 10th, 2011 - 10:07 pm ICT by Aishwarya Bhatt  

New York, Aug 10 (THAINDIAN NEWS) The Dow Jones Industrial Average shed most of the gains it made on Tuesday at the opening of trading on Wednesday. Just an hour into trading on Wednesday, the Dow Jones shed about 3 percent of its value.

Standard and Poor’s 500 Index lost about 2.6 percent of its value at the start of trading while the Nasdaq shed 2.7 percent of its value in less than an hour into the opening of the US stock market. The new values will no doubt deflate the hopes of investors after the massive rise of the Dow Jones on Tuesday.

Shortly after the US Federal Reserve announced that interest rates will be kept low for another two years, the Dow Jones gained almost 4 percent but it seems the gains are on their way out. International stocks also suffered losses on the open of trade on Wednesday.

The Frankfurt stock exchange lost more than two percent at the opening of trade. It however recovered some of the gains later to keep the loss to 1.5 percent. The FTSE was registering the biggest loss on Wednesday with its value going down by 4.42 percent. Paris’ CAC 40 was also on the losing side dropping 2.38 percent of its value on Wednesday.

The Australian stock exchange was however on the positive with the ASX 200 index gaining 2.6 percent.

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