Dow dives 210 points in early trade

NEW YORK, SEPT. 20. Stocks sank in early morning trading on Thursday as companies ranging from publishers to airlines confess to mounting layoffs and shrinking profits after last week's terror attacks - dimming the outlook for the nation's struggling economy.

Wall Street, mourning the likely loss of nearly 6,000 people just three blocks from the New York Stock Exchange, now is confronting the damage to corporate America and girding for possible bloodshed in the Middle East.

The U.S. Federal Reserve Chairman, Mr. Alan Greenspan, told Congress on Thursday that last week's attacks would damage the economy in the short-term by making Americans fearful of the future but won't dampen bright long-term prospects.

The blue-chip Dow Jones industrial average sank 210.21 points, or 2.4 per cent to 8,548.92. The broader Standard & Poor's 500 Index fell 19.83 points, or 1.95 per cent to 996.27. The tech-laced Nasdaq Composite Index dropped 34.21 points, or 2.24 per cent, to 1,493.59.

The major market gauges have lost 10 per cent since the attacks and have scraped new three-year lows. - Reuters

The Dow, which at one time was 423 points into negative territory, on Wednesday climbed back to 8,759.13, down just 144.27 points or 1.59 per cent at the close of the day. The Nasdaq electronic exchange also closed lower at 1,527.66, down 27.42 points or 1.74 per cent.

Send this article to Friends by E-Mail

Section  : Business
Previous : Sensex down 43 points on renewed selling
Next     : New opportunities for computer firms