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.
($1 = €0.79)
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