09 November 2011 21:49 [Source: ICIS news]
HOUSTON (ICIS)--The US Dow Jones Industrial Average fell 3.2% on Wednesday as fears grew over the eurozone debt crisis.
The US stock market plunged 389.24 points to 11,780.24, as fears grew that Italy’s debt would spiral out of control.
Italy’s 10-year yield surged to over 7%, a record in the euro era.
There were also reports that Germany and France were considering a plan to reduce the number of countries using the euro.
Many chemical stocks fell drastically.
The Dow Jones US Chemicals Index fell by 4.6%.
Brazilian chemical major Braskem fell the most, dropping over 10%. Specialty chemicals companies Ashland and Ferro both fell by over 9%.
Specialty chemical producers Chemtura, Quaker Chemical, Spartech and Brazilian oil and gas company Petrobras were all down over 7%.
The only winners for the day were polyvinyl chloride (PVC) producer Westlake Chemical and refiner Calumet Specialty Products, both of which rose less than 1%.
Among the majors, DuPont fell by 4.46% and Dow Chemical fell 4.87%.
Fertilizer producer PotashCorp dropped by 5.11%, and industrial gases major Praxair fell by 3.82%.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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