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US Markets close in red; Dow and NASDAQ down by over 1%

August 20th, 2008

The US Stock markets closed the day in the red after more news of financial losses by companies, increase in wholesale inflation and news of oil prices rebounding. The Dow closed that day at 11,348.55 point down by 130.84 or -1.14%. The Nasdaq closed at 2,384.36 points, down by 32.62 or -1.35%. The S&P 500 closed the day at 1,266.68 and is down by 11.92 points or 0.93%.

The Financial sector is down 2.05% while the Transportation sector is down 2.04%. Other losing sectors are Conglomerates, Cons Cyclial, Services, Technology and Capital Goods. Gainers of the day include Energy, Basic Materials and Utilities.

Hewlett-Packard Co (HP) reported a market beating expecation numbers with a rise in its net profits by 14%.

Gold futures have started to gain as oil gets stronger and dollar gets weaker. Gold prices are seen lower in the Chinese and the Indian markets. The Indian gold imports are set to revive as the gold prices fell in recent times, says a leading financial website.

1 U.S. dollar = 43.5104207 Indian rupees
1 U.S. dollar = 109.661147 Japanese yen
1 U.S. dollar = 0.677690431 Euros
Crude Oil (CL) = $114.98
Gold = $815.50

Entry Filed under: Global Markets