US chem stocks share the pain in market freefall

06 May 2010 22:08  [Source: ICIS news]

HOUSTON (ICIS news)--Chemical stocks took their lumps on Thursday following a 1,000-point freefall in the US Dow Jones Industrial Average amid Wall Street worries over the Greek debt crisis.

The Dow closed down closed down by 347.80 points (3.2%) on Thursday after partially recovering from the massive dive.

For US chemical companies, stock fell much further, with many declining by more than 5%.

DuPont stock fell by 3.1%. Dow Chemical fell by 6.1%

Industrial gas producer Praxair lost 3.1%, while a drop of 1.7% was reported by Potash Corp of Saskatchewan (PotashCorp).

Calumet was the biggest loser among US chemicals, falling 13.1%.

Stocks fell as worries persisted about the Greek debt crisis in Europe.

In energy markets, NYMEX light sweet crude for June delivery fell by $2.86 to settle at $77.11/bbl. During the day, cruse reached an 11-week low, falling to $76.49/bbl.

The US dollar, meanwhile, continued its gains, rising to €0.79.

Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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By: Al Greenwood
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