US stocks fall again as oil price drops further

October 28th, 2008 - 7:11 am ICT by IANS  

Washington, Oct 28 (DPA) US stock indices continued their downward spiral at the start of a new week Monday, led by a drop in energy and metals producers.The price of oil fell to its lowest point since May 2007, sparking fresh concerns that a potential global recession will depress demand for commodities. Crude oil for December delivery dropped 1.4 percent to $63.22 ollars per barrel on the New York Mercantile Exchange.

The Dow Jones Industrial Average tumbled 203.18 points, or 2.42 percent, to 8,175.77. The broader Standard & Poor’s 500 lost 27.85 points, or 3.18 percent, to 848.92. The technology heavy Nasdaq Composite Index fell 46.13 points, or 2.97 percent, to 1,505.90.

Last week, the Dow plummeted 5.4 percent, the S&P 500 lost 6.8 percent and the Nasdaq was down 9.3 percent. Both the S&P 500 and Nasdaq have fallen more than 40 percent since the start of 2008. The Dow has tumbled nearly 37 percent.

On currency markets, the dollar continued its sharp fall against the Japanese currency, trading at 93.06 yen compared to 94.21 yen on Friday. The US currency rose against the euro to 80.04 euro cents from 79.21 euro cents Friday.

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