Chems fall as Dow Jones Industrial Average drops 313 points

07 November 2012 21:42  [Source: ICIS news]

HOUSTON (ICIS)--Chemical stocks declined with the Dow Jones Industrial Average, which fell 2.36% on Wednesday.

The index closed at 12,932.73, down 312.95 points.

The Dow Jones US Chemicals Index fell by 1.50%.

Agricultural products supplier Agrium fell the most among the companies followed by ICIS. It fell by 10.80%, or 11.57 points, to 95.58.

The company released its third-quarter earnings earlier on Wednesday, reporting a 56% decrease to $129m year on year.

Companies that fell over 3.5% include Tronox, PetroLogistics, Intrepid Potash and Quaker Chemical.

The biggest winner was Georgia Gulf, which had a 4.37% increase. Its stocks rose 1.67 points to 39.86.

The company reported a 14% increase to $34.3m in third-quarter net income earlier on Wednesday.

The only other companies with gains were Ultrapar, Braskem and Sherwin-Williams.

With the election over, President Barack Obama and Congress will have to find a solution to the budget debate and the so-called fiscal cliff.

Under the fiscal cliff, congressionally mandated major increases in income tax rates and huge federal budget cuts will take effect, unless Congress and the White House can agree on modifications of one or both. Media reports have estimated the size of the fiscal cliff at more than $600bn (€468bn).

($1 = €0.78)

By: Tracy Dang
+1 713 525 2653

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