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Wall Street faces another Vicious Day loss by Merrill Lynch - reports CaymanMama.com

2008-01-19 05:57:25 (GMT) (Caymanmama.com - Banks & Banking News)

New York:

Expanding the 2008 sell off on depreciation worries, Stocks fell down on Thursday, a big quarterly loss by Merrill Lynch following remarks by Federal Reserve Chairman Ben Bernanke followed by weak reading in the sectors of manufacturing and housing as well.

The outlook of economy has deteriorated and the lawmakers must immediately enact a stimulating plan on economics, Barnanke told Congress. According to morning reports, it was shown that the construction of new home is drooping and by a key regional manufacturing reading in the Philly Fed there is a big drop.

Since November 7, The Dow Jones industrial lost is an average 307 points and the broader index of S&P 500 lost about 2.9 percent and came down to its minimum point in the entire 14 months. A 10-month low was hit by the Nasdaq composite dropping down to 2 percent.

2.8 percent lost in the small-cap index of The Russell 2000 that hits a low above 17- month. From its all time-high since last year July, the Russell has now dropped total of 20 percent. This turn down in the market is defined technically.

It was reported that IBM has higher quarterly sales and achieved topped estimated earnings, after Thursday. Additionally, Advanced Micro Devices accounted a quarterly loss on higher revenue which was much narrower than the expectation of analysts.
It was said by the New York Stock Exchange that it was purchasing rival American Stock Exchange, as per other reports. The value of dollar fell versus the euro and the yen in currency trading. For February, U.S. light crude oil fell 74 cents to $90.10 on the New York Mercantile Exchange.



NewsReporter · Filed Under Banks & Banking 

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