Wall Street slumps as tech, commodity stocks fall
AA | Quote | Chart | News | PowerRating -- Wall Street tallied steep losses
Thursday, as the dollar rose, dragging down commodities and
chipmakers plummeted after being downgraded.
The U.S. dollar rose against high-yielding currencies and
depressed commodity prices. Crude tumbled nearly 2 percent on New
York Mercantile Exchange. Copper, gold, silver and nickel also
retreated. Alcoa Inc. and ConocoPhillips led basic materials and
energy producers lower.
Meanwhile, Intel Corp. and Texas Instruments Inc. lost over 4
percent, after Bank of America downgraded the global chip industry
to "negative" from "positive."
The market was seemingly unfazed, after the U.S. Labor
Department said initial jobless claims were unchanged at 505,000
last week, in line with estimates. And the Conference Board's
index of leading economic indicators climbed for a seventh
consecutive month.
The Dow Jones fell 161.58 to 10,264.73. Broader indexes also
went lower. The Standard & Poor's 500 index dipped 20.37 to 1,089.
43 and the Nasdaq fell 49.71 to 2,143.43.
For full details on Alcoa Inc (AA) AA. Alcoa Inc (AA) has Short Term PowerRatings at TradingMarkets. Details on Alcoa Inc (AA) Short Term PowerRatings is available at This Link.
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