Stocks on Wall Street fell sharply on Thursday for the second consecutive day, with the Dow Jones index losing more than 440 points or nearly five percent of its value.
The decline was prompted by the announcement of a drop in orders from computer equipment manufacturer Cisco Systems, and weak retail results in October, which heightened concerns about widespread economic weakening, AP reports. The Dow Jones index fell by 443.48 points, or 4.85 percent, to 8,695.79 points. The Standard & Poor’s 500 index fell by 47.89, or 5.03 percent, to 904.88 points, while the technology index Nasdaq lost 72.94 points, or 4.34 percent, closing trading at 1,608.70 points.
In the last two days, the Dow Jones has fallen by 9.7 percent, the S&P 500 by 10 percent, and the Nasdaq by 9.6 percent. The total decline in the two days following the election is about 10 percent for the major indices. The loss in market value of stocks during that time amounts to $1.2 trillion, according to the Dow Jones Wilshire 5000 Composite index, which encompasses nearly all stocks traded in the U.S.
Investor concerns were further intensified by data from the Labor Department, which indicated that the number of people receiving unemployment benefits is the highest in 25 years, with an increase of 122,000 in October, bringing the total to 3.84 million people. On the New York commodity exchange NYMEX, crude oil of the ‘Light, sweet crude’ type fell by $4.53 to $60.77 per barrel, the lowest level in the last year and a half. (Hina)
