DOW DROPS AS YEN SLUMPS; FEARS OVER ECONOMY DRIVE MARKET DOWN FOR 2ND DAY.Byline: Phil Serafino Bloomberg News U.S. stocks fell for a second day on concern that the economy will slow, as a slumping Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. signaled a prolonged period of weak demand in Asia for U.S. goods. American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Co., United Technologies Corp. and oil shares led the drop. With the yen at an eight-year low against the dollar, investors said other Asian countries Noun 1. Asian country - any one of the nations occupying the Asian continent Asian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" may let their currencies fall so their exports can remain competitive, making U.S. goods more expensive throughout the region. The Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. dropped 159.93, or 1.8 percent, to 8,811.77, its second-biggest drop this year. The Standard & Poor's 500 Index lost 17.70, or 1.6 percent, to 1,094.58 and the Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed declined 23.50 to 1,749.75, a loss of 1.3 percent. ``Asia is weakening, the U.S. probably is going to slow, and what does that mean for earnings?'' said Arthur Micheletti, chief investment strategist at Bailard, Biehl & Kaiser in Foster City. ``Maybe 5 percent earnings growth this year, if that.'' |
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