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N.Y. stocks drop on rekindled fears about global economic outlook.

NEW YORK, Oct. 19 Kyodo

New York stocks fell sharply Tuesday, with the key Dow index closing below the 11,000 mark for the first time in about two weeks, on rekindled uncertainties about the global economic outlook.

The 30-issue Dow Jones Industrial Average, which rose 80.91 points Monday, dropped 165.07 points to finish at 10,978.62, after briefly losing more than 220 points.

The tech-heavy Nasdaq Composite Index, which gained 11.89 points the previous day, slumped 43.71 points to 2,436.95.

Stocks faced across-the-board selling amid growing fears that the global economic recovery led by China may slow down due to the country's interest rate hike, market analysts said.

Also fueling the selling spree were disappointing earnings results of major U.S. companies and the dollar's rally against other major currencies in the foreign exchange market, which cast doubt on U.S. corporate performances, they said.

Reports that Bank of America Corp. may be forced to buy back mortgages it sold in the past helped push down financial issues, they added.
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Publication:Japan Weekly Monitor
Geographic Code:9CHIN
Date:Oct 25, 2010
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