The U.S. Federal Reserve's plan to purchase three-month, unsecured and asset-backed debt was answered with sliding stock indexes Tuesday.

U.S. markets jumped into positive territory early in the day. By early afternoon, stocks turned negative on three major U.S. indexes.

The Dow Jones industrial average, up 53 points early, slid to a 0.63-percent decline, losing 62.76 points to 9,892.74. The Standard and Poor's 500 lost 8.66 points, to 1,048.23, down 0.82 percent. The Nasdaq composite index fell 1.16 percent to 1,841.36, down 21.60 points.

Among active stocks, General Electric gained 3.23 percent, while Bank of America was down 14.49 percent.

The benchmark 10-year U.S. Treasury bond fell 7/32 to yield 3.484 percent.

The dollar was mixed. The euro rose to $1.3645, compared to $1.3519 Monday. Against the Japanese yen, the dollar rose to 102.16 yen, up from 101.61 yen.

In Tokyo, the Nikkei average lost 317.19 points to 10,155.90, off 3.03 percent.

In London, the FTSE 100 index gained slightly, up 0.16 percent to 4,596.40, gaining 7.20 points.

Copyright 2008 by United Press International


Publication date: 07 October 2008   

Source: UPI-1-20081007-12243300-bc-us-markets-1stld.xml

Archive