04 June 2010 21:21 [Source: ICIS news]
HOUSTON (ICIS news)--The stock market hammered chemical stocks on Friday as the Dow Jones Industrial Average fell 324 points and slipped below 10,000.
The Dow closed at 9,931, down nearly 3.2%.
The drop came after a weak employment report from the US, which showed that most of the job gains came from temporary government jobs.
In addition, the euro fell to a four-year low against the US dollar, with the ratio dropping below $1.20. Conversely, the dollar strengthened to nearly €0.84.
Most chemical stocks performed worse than the overall stock market. Among the majors, Dow Chemical fell 4.8% and DuPont fell 3.8%.
Industrial gases producer Praxair fell by 3.0% and Potash Corp of Saskatchewan (PotashCorp) fell by 2.9%.
No North American company followed by ICIS rose in trading. Rockwood fell by the most, dropping 7.7%. Titanium dioxide (TiO2) producer Kronos fell by the least, falling 0.3%.
Many companies fell by more than 6%, including Arch Chemical, CF Industries, WR Grace, Quaker Chemical, NewMarket, A Schulman, Solutia and Stepan.
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