Business
U.S. stock indexes end roller coaster down
New York | July 08, 2008 12:01:13 AM IST
Losses sustained by Fannie Mae and Freddie Mac, combined with inflation concerns, sent U.S. stock indexes into Monday's close with slight losses. After trading up 111 points in the morning and then plunging 168 points during the afternoon, the Dow Jones industrial average closed down 56.58, or 0.50 percent, at 11,231.96. The Standard & Poors 500 fell 0.84 percent -- 10.59 points -- to 1,252. The Nasdaq composite lost 2.06 points, or 0.09 percent, to finish at 2,243.32. The market's wild ride was attributed, in part, to a Lehman Brothers report estimating Fannie Mae and Freddie Mac would be forced to raise about $75 billion in capital if a proposed accounting rule change were enacted. During the day, both reported losses of at least 20 percent. Investors reacted to cautious comments from Janet Yellen, president of the Federal Reserve Bank of San Francisco, The Wall Street Journal reported. She said the risks of inflation have definitely increased and the Fed would not allow an upward spiral of prices and wages. On the New York Stock Exchange, a total listed volume of 5.26 billion shares were traded. The U.S. Treasury 10-year note was up 17/32 to yield 3.923 percent. The dollar was trading 1.5720 against the euro. Against the yen, the dollar was at 107.1100. Britain's FTSE 100 index closed up 1.9 percent to 5,512.70. Japan's Nikkei 225 close up 0.9 percent at 13,360.04. (UPI)
Advani\'s \'Vijay Sankalp Yatra\' from tomorrow Two killed, 12 injured in Chiranjeevi\'s road-show meeting Two killed, 25 injured in bus accident From spirituality, Prez quest takes her to temple of learning BJP delegation on its way to Shrawasti detained in Lucknow Email threat to President Pratibha Patil Hundreds visit Srinagar railway station for joyride First tidal power plant to be set up in West Bengal
| 
