Energy, financial sectors drag US stocks down

November 12th, 2008 - 10:49 am ICT by IANS  

New York, Nov 12 (DPA) Energy and financial stocks helped lead a Wall Street retreat Tuesday in light, holiday trading.Oil futures hit a 19-month low Tuesday, dropping below $60 a barrel and fuelling a broad drop in energy listings. Continuing worries about the slowing global economy weighed on financial stocks.

Tuesday was Veterans Day in the US, with light volume on the New York Stock Exchange.

The blue-chip Dow Jones Industrial Average lost 176.58 points, or 1.99 percent, to 8,693.96. The broader Standard & Poor’s 500 Index fell 20.26 points, or 2.2 percent, to 898.95. The technology-heavy Nasdaq Composite Index dropped 35.84 points, or 2.22 percent, to 1,580.9.

The US currency rose to 79.962 euro cents from 78.46 euro cents on Monday. Against the Japanese currency, the dollar slipped to 97.647 yen from 98.03 yen Monday.

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