Dow Jones falls 449 as economic crisis widens

17 September 2008 21:57  [Source: ICIS news]

HOUSTON (ICIS news)--The Dow Jones Industrial Average fell 449.36 points, or 4%, on Wednesday, as traders lost confidence that the US government’s bailout of insurer AIG would stabilise the financial industry.

 

Chemical companies largely followed the rest of the markets downward, with Huntsman taking the biggest plunge, losing 16.42%, or $1.88, to close at $9.58/share.

 

VeraSun Energy, Tronox, Rockwood, WR Grace, PolyOne and NOVA Chemicals all lost more than 10% of their market capitalisation in the second bleak day of trading in three days.

 

Dow Chemical, meanwhile, lost $1.01, or 2.85%, to close at $34.45/share.

 

All 30 companies that make up the composition of the Dow Jones lost ground, ranging from Johnson & Johnson - which, after making gains earlier in the day, finished down 19 cents, or 0.27%, to $69.51/share - to AIG, which lost $1.69/share, or 45.07%.

 

ExxonMobil fell $1.11/share, or 1.45%, to close at $75.35, despite oil gaining more than $6/bbl on the day. Industry peer Chevron shed $1.67/share, or 2.04%, to close at $80.20.

 

Pfizer fell 63 cents, or 3.54%, to close at $17.20/share, and Merck fell $1.22, or 3.78%, to close at $31.15/share.

 

On Monday, the market closed down 504 points in the second worst trading day in history.

 

($1 = €0.71)

 

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By: David Rosen
713-525-2653

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