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LEAD: N.Y. stocks turn lower on Portugal's debt rating cut.

NEW YORK, March 24 Kyodo


New York stocks turned down Wednesday as investor concern over the debt crisis in euro-zone nations rekindled following a downgrade of Portugal's debt.

The 30-issue Dow Jones Industrial Average, which gained 102.94 points Tuesday, shed 52.68 points to 10,836.15, ending lower for the first time in three days.

The tech-focused Nasdaq Composite Index, which climbed 19.84 points the previous day, fell 16.48 points to 2,398.76.

Selling overwhelmed buying after Fitch Ratings downgraded Portugal's debt rating by one notch, citing slowing economic recovery, which refueled concern over the European credit unrest, market analysts said.

Selling also increased after the Commerce Department released a report showing home sales sank to a record low in February, the analysts said.
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Publication:Japan Weekly Monitor
Date:Mar 29, 2010
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