US stock market dips over 2% on worries about eurozone debt

23 November 2011 21:53  [Source: ICIS news]

HOUSTON (ICIS)--The US Dow Jones Industrial Average fell 2.1% on Wednesday on worries that Europe’s debt woes were spreading.

The US stock market ended the day at 11,257.55, down 236.17 points.

The selloff was triggered by poor demand at a German auction of new 10-year government bonds.

There was also some disappointing US economic news, as jobless claims increased for the first time in three weeks.

North American chemical stocks followed the rest of the stock market down.

The Dow Jones US Chemicals Index fell by 2.7%.

Specialty chemical producers Spartech and Quaker Chemical fell 7% and 6.8%, respectively.

Brazilian chemical giant Braskem, titanium dioxide (Ti02) producer Kronos, polyvinyl chloride (PVC) producer Georgia Gulf, specialty chemicals firm Ferro and engineering company Foster Wheeler all fell over 5%.

Among the majors, DuPont fell by 2.9%, and Dow Chemical fell 2.2%.

Fertilizer producer PotashCorp dropped by 1.4%, and industrial gases major Praxair fell by 1.5%.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Bobbie Clark
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