U.S. stocks close worst day of year
NEW YORK, Jan. 25 (UPI) -- The Dow Jones industrial average recorded its worst day of the year, falling 119 points on Ford Motor Co. losses and a big drop in existing-home sales.
The Dow closed down 119.21 or 0.94 percent at 12,502.56. The Standard and Poor's 500-stock index tumbled 16.23 or 1.13 percent to 1,423.90. The Nasdaq Composite Index dropped 32.04 or 1.3 percent to 2,434.24.
On the New York Stock Exchange, 804 stocks advanced and 2,567 declined on volume of 3.2 billion shares.
Ford posted a record $12.7 billion loss in 2006. Ford shares rebounded after earlier declines, closing up 2 cents or 0.24 percent at $8.22.
U.S. existing-home sales fell 0.8 percent in December and 8.4 percent in 2006, closing a year marked by the biggest demand slump in 17 years, the National Association of Realtors said.
The number of newly laid-off U.S. workers filing unemployment claims climbed by 36,000 to 325,000, higher than Wall Street expected, the U.S. Labor Department said.
In London, the FTSE 100 index closed down 45.5 points or 0.7 percent at 6,269.30.
The Nikkei lost 49.10 points 0.28 percent to 17,458.30.
The 10-year U.S. Treasury note lost 16/32, or $5 per $1,000 invested, to yield 4.87 percent. The 30-year bond was down 22/32, yielding 4.96 percent.
The dollar was at 121.12 yen from 121.11 yen at Wednesday's close. The euro was at $1.2934 from $1.2960 late Wednesday. // Copyright 2007 by United Press International
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