Printer Friendly

LEAD: N.Y. stocks end lower on concern about U.S. economy.

NEW YORK, Dec. 17 Kyodo

(EDS: UPDATING WITH CLOSING)

New York stocks finished lower Wednesday, with the key Dow Jones index down nearly 100 points, on lingering concern about the health of the U.S. economy.

The Dow Jones Industrial Average lost 99.80 points to finish at 8,824.34, following a sharp gain of 359.61 points the previous day on the Federal Reserve's decision to cut the key interest rate to near zero.

The tech-heavy Nasdaq Composite Index fell 10.58 points to 1,579.31 after the previous day's gain of 81.55 points.

A wide range of issues was sold from the outset on ''profit-taking'' from the previous day's rally, dealers said.

The Fed lowered its target for the federal funds rate banks charge each other for overnight loans to a historic low of zero to 0.25 percent to prevent the U.S. economy from further deterioration.

The market briefly went into plus territory on hopes for the government's bailout plan for the embattled U.S. auto industry, with shares of General Motors Corp. drawing buying. But buying soon lost steam and losses widening toward the end of Wednesday's session.
COPYRIGHT 2008 Kyodo News International, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Japan Weekly Monitor
Date:Dec 22, 2008
Words:196
Previous Article:2ND LD: Morgan Stanley falls into red in Sept.-Nov. qtr.
Next Article:2ND LD: Dollar drops to lower 87 yen level in N.Y., lowest in 13 yrs.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |