US Dow Jones average falls 4% on global woes

24 October 2008 21:19  [Source: ICIS news]

HOUSTON (ICIS news)--The Dow Jones Industrial Average closed 4% lower on Friday, following a worldwide decline in stock indices.

The Dow Jones finished at 8,379, down 312 points.

The average never rose above its opening amount. In fact, the Dow had fallen by as much as 496 points before erasing some of the losses.

Among chemicals traded on the New York Stock Exchange, Airgas posted some of the largest gains, rising 9%. Hercules was among the biggest losers, falling 18%.

Among the majors, Dow Chemical fell by less than 1%, and DuPont dropped by 6%.

Stock fell despite news that US existing house sales rose in September. However, the increase came before the substantial deterioration in credit markets.

Most likely, US house sales will resume their slump later in the year, according to the American Chemistry Council (ACC).

In other news, London’s FTSE 100 index closed 5.6% lower than Thursday, while Germany’s Dax index fell 5.1%.

Japan’s Nikkei 225 tumbled 9.60% to 7,649.08, its lowest level in five-and-a-half years, taking down petrochemical stocks with it.

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By: Al Greenwood
+1 713 525 2653

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