US stocks slump again, chemical firms join slide

06 October 2008 15:49  [Source: ICIS news]

HOUSTON (ICIS news)--US stock prices were sharply lower in early trading on Monday amid continuing jitters about the global financial system, with commodity chemical companies caught up in the broad sell-off.

At 9:15 hours Houston time (14:15 GMT), the bellwether Dow Jones Industrial Average was down by 357.61 points, or 3.6%, at 9,967.77.

Monday was the first time since 2004 that the index has been below 10,000.

Among chemical companies, Chemtura was down 12.6%, Huntsman was down 8.0%, and DuPont was down 4.1%.

Dow Chemical was relatively better off than most chemical stocks, losing 3.6%.

US financial markets had been bracing for another turbulent day after Friday's passage by Congress of a massive bailout plan did not do much to revive investor confidence.

Share markets in Europe and Asia were also weaker on Monday.

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By: Stephen Burns
+1 713 525 2653

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