US stocks fall 733 pts, give back Monday’s gain

15 October 2008 21:46  [Source: ICIS news]

HOUSTON (ICIS news)--The Dow Jones Industrial Average continued on Wednesday to give back some of the gains made on Monday, falling 733 points, or nearly 8%, in a broad-based sell-off that hit almost all aspects of the US economy.

Chemical companies almost unanimously declined when confronted by downward pressure from falling oil prices and the overall negative financial climate.

Earlier in the day, stocks in Europe fell 7% and US Federal Reserve chairman Ben Bernanke conceded the economy would not recover “right away”.

Shares of Alcoa fell $1.66/share, or nearly 13%, to close at $11.33/share.

Dow Chemical shares lost $3.65/share, or more than 14%, to close at $22.31/share.

Shares of Huntsman shed $1.81/share, or more than 13%, to close at $11.70/share.

Occidental Petroleum Corporation lost $9.72/share, or more than 18%, to close at $42.84/share, weighed down by crude oil futures that fell to $74.54/bbl on the NYMEX.

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By: David Rosen
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