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Dow down over 300 points just before close


by Elaine Frei
November 7, 2007
Dow down over 300 points just before close

Shortly before the close of trade in New York, Wall Street was lower. The Dow Jones Industrial Average had dropped 2.27 percent, over 300 points, to 13,350.91. The Nasdaq Composite was 2.23 percent lower to 2,762.21 while the S&P 500 dropped 2.47 percent to 1,482.72.

Equities markets in the Asia-Pacific region were mixed on Wednesday. Taiwan’s Taiex added 0.08 percent to 9,300.22 while in Hong Kong the Hang Seng index gained 0.92 percent to 29,708.93. The S&P/ASX200 was up 0.97 percent to 6,692.4 and the Sydney Ordinaries added 1.04 percent to 6,728.1. In China, the Shanghai Composite was 1.18 percent higher to 5,601.78. Decliners in the region included the Straits Times index, which dropped 0.27 percent to 3,673.01 in Singapore. South Korea’s Kospi index was down 0.54 percent to 2,043.19 and in India the Sensex fell 0.57 percent to 19,287.83.

In Tokyo, the Nikkei 225 was 0.94 percent lower to 16,096.68 and the Topix index was down 1.14 percent to 1,556.69, while the Mothers market of small and mid-caps dropped 4.39 percent to 826.89.

Markets were lower on the European continent. The pan-European FTSE Eurofirst 300 was down 0.12 percent to 1,552.27. In Madrid the IBEX dropped 0.34 percent to 15,841.9 while the Dax was 0.35 percent lower to 7,799.62 in Frankfurt and the Paris CAC-40 fell 0.46 percent to 5,683.22. In London, on the other hand, the FTSE 100 added 0.58 percent to 6,512.4 and the FTSE 250 gained 0.57 percent to 11,399.6.

Crude oil prices were lower in New York and London after US inventories did not drop as much as had been expected, while metals prices were mixed and grains prices declined.

The US dollar was hurt by an announcement from China that it plans to diversify its foreign-exchange reserves.



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