US stocks fall for third dayJune 18th, 2009 - 5:40 am ICT by IANS
New York, June 18 (DPA) Most US stocks dropped for a third straight day Wednesday, led by banks, after President Barack Obama unveiled regulatory reforms, but technology stocks served as a bright spot.
Obama laid out a sweeping overhaul of the government’s financial regulatory system, proposing the most significant changes since the Great Depression of the 1930s. He promised all corners of Wall Street would face regulation and the biggest banks would come under increased scrutiny.
Standard & Poor’s also lowered the ratings of 22 banks, warning that Wall Street was still undergoing serious restructuring and that conditions “will become less favourable” for banks as a result of the financial crisis.
The downgrading overshadowed news that ten major banks had paid back $68 billion in emergency government loans, which were handed out at the height of the financial crisis in October.
Technology stock gains were led by Texas Instruments and Qualcomm, while health care companies also climbed on the day.
The blue-chip Dow Jones Industrial Average edged down 7.49 points, or 0.09 percent, to 8,497.18. The broader Standard and Poor’s 500 dropped 1.26 points, or 0.14 percent, to 910.71. But the technology-heavy Nasdaq Composite Index climbed 11.88 points, or 0.66 percent, to 1,808.06.
The US currency fell against the euro to 71.71 euro cents from 72.26 euro cents on Tuesday. The dollar fell against the Japanese currency to 95.76 yen from 96.42 yen.
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