US Dow Jones remains below 8,000 for 2nd day

20 November 2008 21:22  [Source: ICIS news]

HOUSTON (ICIS news)--US stocks traded on the Dow Jones Industrial Average closed on Thursday below 8,000 for the second day in a row, as the closely watched index fell 445 points or 5.6%.

The Dow Jones closed at 7,552 as more bad news hit the market.

Rockwood was one of the few chemical companies to trade higher, reaching $6.15/share, up 4.8%. Stepan rose 3.3% to reach $33.22/share.

Ashland was among the largest losers, falling 23% to reach $10.99/share. US acetyls producer Celanese fell 21% to reach $8.72/share.

The chemical companies trading below $10/share has grown substantially. They now include Calumet Specialty Products, Chemtura, Ferro, Georgia Gulf, Huntsman, Kronos, Methanex, Nalco, NOVA Chemicals, PolyOne, Rockwood, Solutia and Tronox.

Bankrupt firms trading below $10/share include WR Grace and VeraSun.

The stock market's dismal performance follows more economic bad news.

An index of leading US economic indicators fell sharply by 0.8% in October from September, the Conference Board said, driven lower by falling stock prices, consumer worries and the ongoing housing crisis.

Germany’s Ifo economic research institute said it believed the global economy was headed for a recession following its most recent survey of economic experts.

($1 = €0.79)

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By: Al Greenwood
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