US stocks tumble 2.5 percent on new economic warning

March 1st, 2008 - 7:31 am ICT by admin  

DPA
New York, March 1 (DPA) US stocks have fallen by more than 2.5 percent across the board on new evidence of slumping business confidence. The National Association of Purchasing Management-Chicago reported Friday that its business barometer had contracted, reflecting dropping production and employment.

In company news, American International Group Inc (AIG) posted the widest quarterly deficit in its 89-year history, while Sprint Nextel Corp shares slumped to a six-year low.

The blue-chip Dow Jones Industrial Average was off 315.79 points, or 2.51 percent, to 12,266.39. The broader Standard & Poor’s 500 Index shed 37.05 points, or 2.71 percent, to 1,330.63. The technology-heavy Nasdaq Composite Index fell 60.09 points, or 2.58 percent, to 2,271.48.

The US currency climbed against the euro to 65.88 euro cents from 65.697 euro cents Thursday. The dollar fell against the Japanese currency to 103.75 yen from 105.3 yen Thursday.
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