Wall Street dips on financial, commodity shares

May 10th, 2008 - 6:26 am ICT by admin  

New York, May 10 (DPA) US stocks were pushed down by financial and commodity stocks Friday as the world’s largest insurer, American International Group Inc, announced writedowns sparking fears of further losses in financial companies. Energy shares fell despite rising oil prices, and declining copper prices pushed down metal producers.

“People are looking at the move in crude and saying it’s unsustainable and due for a pullback,” Michael Chren of Allegiant Asset Management Co told Bloomberg financial news of the energy shares’ slip. “That’s why there’s weakness in crude-related plays. They’ve had a good run.”

The blue-chip Dow Jones Industrial Average dropped 120.90 points, or 0.9 percent, to 12,745.88. It lost 2.4 percent for the week. The broader Standard & Poor 500 Index dipped 9.40 points, or 0.7 per cent, to 1,388.28, declining 1.8 percent for the week. The technology-heavy Nasdaq Composite Index slid 5.72 points, or 0.2 per cent, to 2,445.52.

The dollar fell to 64.59 euro cents from 64.96 euro cents on Thursday, and slid to 102.86 Japanese yen from 103.74.

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