Business
U.S. markets start Friday with hard slide
New York | May 09, 2008 12:01:13 AM IST
U.S. stock markets, close to even on the year a week ago, slipped further into red ink in early trading Friday, as oil prices continued a relentless surge. Oil prices broke the $125-per-barrel barrier Friday, just four days after first topping $120 a barrel. On Friday morning, the Dow Jones industrial average dropped 103.32 points to 12,763.46, off 0.8 percent. The Standard & Poor's 500 index lost 10.50 points to 1,387.18, off 0.75 percent. The Nasdaq composite index lost 15.90 points to 2,435.34, off 0.65 percent. The 10-year U.S. Treasury note gained 5/32 to yield 3.765 percent. The euro traded at $1.5438 from Thursday's $1.5398, while the dollar traded at 103.23 yen from Thursday's 103.92 yen. In Tokyo, the Nikkei index dropped 287.92 points and closed the week at 13,655.34, off 2.06 percent. (UPI)
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