US stocks fall on persistent economic worries

08 October 2008 21:42  [Source: ICIS news]

HOUSTON (ICIS news)--US stocks closed on Wednesday lower for the sixth straight trading day as investors remained concerned about the future of the global economy even after central banks cut benchmark interest rates.

After a volatile day in trading, the Dow Jones Industrial Average fell by 189 points, or 2%, to settle at 9,258 points by 15:00 hours Houston time (20:00 GMT).

Trading zigzagged as investors were buffeted by several developments, such as the world banks' half-point cuts in interest rates. However, investors could not shake off fears of a global recession.

The International Council of Shopping Centers announced preliminary US retail sales increases by 1.7% for September. However, US retailer Wal-Mart released worse-than-forecast sales figures.

The S&P 500 index dropped by 11 points, or 1%, to settle at 985 points. The index’s chemical manufacturing component did slightly better, rising by 1%.

Monsanto stock reached $81.44/share (€59.45), up $7.26, or 10%, after the company said its 2009 profits would be higher than forecast.  

Share of fertilizer company Potash Corporation of Saskatchewan (PotashCorp) jumped $11.74, or more than 13%, to close at $98.60/share after corn prices increased on the Chicago Board of Trade (CBOT).

Dow Chemical shares dropped 42 cents, or less than 2%, to settle at $27.83/share.

Additional reporting by David Rosen

($1 = €0.73)

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