Business
U.S. markets start week sliding
New York | May 10, 2008 12:01:13 AM IST
Continued poor profit reports from financial concerns helped push stocks lower in U.S. markets early Monday. After a week of resisting the bad news, stocks fell as Bank of America reported a 77 percent drop in first-quarter income. The Dow Jones industrial average fell 58.95 points in midmorning trading to 12,790.41, off 0.46 percent. The Standard & Poor's 500 index fell 6.06 to 1,384.27, off 0.44 percent. The Nasdaq composite index declined 5.13 to 2,397.84, off 0.21 percent. The 10-year treasury note lost 13/32 to yield 3.759 percent. The dollar lost ground. The euro traded at $1.5923 from Friday's $1.5808, while the dollar traded at 103.43 yen Monday from Friday's 103.69. In Tokyo, the Nikkei average advanced strongly, up 220.10 points to 13,696.55, up 1.63 percent. (UPI)
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