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Stocks slide again on U.S. markets
Mumbai News.Net
Tuesday 19th August, 2008
It was a typical day on Wall Street Tuesday with bears again dominating trading.
Oil and commodity prices were on the rise, rebounding after recent falls. Concern about a worsening situation on the housing front also kept bulls at bay.
At the close of trading the Dow Jones Industrials were down 130.84 points or 1.14% at 11,348.55.
The Nasdaq Composite was off 32.62 points or 1.35% at 2,384.36.
The Standard and Poor's 500 slipped 11.92 points or 0.93% to 1,266.68.
Housing starts fell by 11% to 965,000 units in July, down from 1,066,000 units in June. Building permits slumped 17.7% to their lowest level in 17-years at 937,000 units.
Producer prices increased in July as core PPI rose to 0.7%, up from 0.2% a month earlier. Headline producer prices rose to 9.8%, compared to 9.2% a year ago.
On Thursday, weekly jobless claims, leading indicators, and the Philadelphia Fed manufacturing survey will be released.
With oil and commodities rebounding the U.S. dollar was softer.
Around the New York close the euro had risen to 1.4783, and the British pound to 1.8672. The Japanese yen was little changed at 109.68, but the Swiss franc firmed to 1.0910.
The Australian and Canadian dollars were stronger at .8713 and 1.0607 respectively.
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