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WORLD / Aftermath |
US stocks drop on economic data, Bhutto death(Xinhua)
Updated: 2007-12-28 13:03 New York -- US stocks posted steep losses on Thursday, as the assassination of former Pakistani Prime Minister Benazir Bhutto and largely disappointing economic data hurt investor sentiment. The Dow Jones Industrial Average decreased 192.08, or 1.4 percent, to 13,359.61. The Standard & Poor's 500 Index lost 21.39, or 1.4 percent, to 1,476.27. The Nasdaq Composite Index retreated 47.62, or 1.8 percent, to 2,676.79. Before the market opened, the US Commerce Department said that durable-goods orders rose just 0.1 percent in November. Were it not for strong orders for civilian aircraft, the durable goods totals would have fallen 0.7 percent. Goldman Sachs analyst said Citigroup Inc., Merrill Lynch & Co. and JPMorgan Chase & Co may face larger fourth-quarter debt write- offs than previously expected. Stocks turned lower before the US economic reports were released on concern the assassination of Pakistani opposition leader Benazir Bhutto will further destabilize the region. |
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