Wall St falls further on deepening economic woes
US stocks tumbled on Wednesday as gloomy news pointing to the worsening scope of problems buffeting the US economy diminished investors' appetite for risk.
NEW YORK: US stocks tumbled on Wednesday as gloomy news pointing to the worsening scope of problems buffeting the US economy diminished investors' appetite for risk.
In a move that fueled uncertainty about the outlook for the financial sector, the United States backed away from its original plan of using the $700 billion rescue fund to mop up bad mortgage assets from banks' balance sheets.
A lowered profit forecast from the largest US electronics chain Best Buy underscored strains facing consumers. Among the biggest casualties was Citigroup, whose shares fell below $10 for the first time since it became a public company.
The Dow Jones industrial average fell 329.50 points, or 3.79 per cent, to 8,364.46. The Standard & Poor's 500 Index lost 37.93 points, or 4.22 percent, at 861.02. The Nasdaq Composite Index gave up 64.45 points, or 4.08 per cent, at 1,516.45.
In a move that fueled uncertainty about the outlook for the financial sector, the United States backed away from its original plan of using the $700 billion rescue fund to mop up bad mortgage assets from banks' balance sheets.
A lowered profit forecast from the largest US electronics chain Best Buy underscored strains facing consumers. Among the biggest casualties was Citigroup, whose shares fell below $10 for the first time since it became a public company.
The Dow Jones industrial average fell 329.50 points, or 3.79 per cent, to 8,364.46. The Standard & Poor's 500 Index lost 37.93 points, or 4.22 percent, at 861.02. The Nasdaq Composite Index gave up 64.45 points, or 4.08 per cent, at 1,516.45.
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