US stock markets fall on bleak earnings outlook; Asian markets open weak
The stock markets are back into the red with the corporate earning numbers beginning to look bleak. The US markets closed in the red and the Asian markets are taking the hard hit on Wednesday morning.
The Dow lost 231.77 points or 2.50% and closed at 9,033.66. The Nasdaq closed at 1,696.68 losing 73.35 points or 4.14%. The S&P 500 ended at 955.05 losing 30.35 points or 3.08% by closing bell. All major sectoral indices on the US stock exchanges closed in the red.
Yahoo reported its profits are down ads that it will slash its workforce by 10%. Ad revenue weakened, the internet major reported yesterday. Oil prices have dropped by 1$ as demand worries begin to come up.
Meanwhile the Asian markets are taking a hard hit. The Nikkei 225 is down 3.96% with the Yen advancing over Euro. All Ordinaries, Hang Seng, Jakarta Composite and Seoul Composite are all down over 2%. The Straits Times is down 3.34%
1 U.S. dollar = 48.5790 Indian Rupees
1 U.S. dollar = 100.3109 Japanese Yens
1 U.S. dollar = 0.7654 Euros
1 Ounce Gold = $760.90
1 Barrel Crude Oil = $70.25
Wednesday, October 22, 2008 9:48:02 AM IST
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