US stocks repeated steep diveNovember 7th, 2008 - 8:29 am ICT by IANS
New York, Nov 7 (DPA) Wall Street suffered big declines again Thursday, heaping losses in share prices on top of Wednesday’s sharp selloff.The two-day losses on benchmark US stock indices is now the sharpest since 1987.
Thursday saw news of continued heavy job losses in the US economy.
“We’re a long way from the end of the economic challenges,” Mike Morcos, an investment manager at Old Second Wealth Management, told the Bloomberg financial news agency.
“Earnings next year are going to be significantly lower, and estimates are going to continue to come down.”
The blue-chip Dow Jones Industrial Average lost 443.48 points, or 4.85 percent, to 8,695.79. The broader Standard & Poor’s 500 Index was down 47.89 points, or 5.03 percent, to 904.88. The technology-heavy Nasdaq Composite Index fell 72.94 points, or 4.34 percent, to 1,608.7.
The US currency was at 78.613 euro cents late Wednesday. The dollar was at 97.695 yen.