U.S. stocks slump as bad news continues

Calcutta News.Net
Monday 17th November, 2008

There was more bad news on the economy Monday which saw beleagured stock indices slumping further.

Japan slipped into recession, joining Europe, while Citigroup said it was shedding 52,000 jobs worldwide, a move that will affect 15% of its workforce.

Analysts are saying the U.S. economy has been in recession for several months, but are also saying the recession could be over in a few more months.

At the close of trading Monday the Dow Jones Industrials were down 227.73 points or 2.63% at 8,273.58.

The Nasdaq Composite was off 34.80 points or 2.29% at 1,482.05.

The Standard and Poor's 500 was down 22.54 points or 2.58% at 850.78.

The U.S. dollar was mixed around the New York close Monday in New York, losing ground against the euro, the pound, and Australian dollar, while gaining against the Swiss franc and Canadian dollar. The yen was unchanged at 96.68.

The euro rose to 1.2649, and the pound to 1.4995. The Australian dollar strengthened to .6488.

The Swiss franc fell to 1.1986, while the Canadian dollar was weaker at 1.2255.

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