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Wednesday 19th of November 2008
October 8, 2007

Wall Street lower ahead of quarterly reports


by Elaine Frei
Wall Street lower ahead of quarterly reports

Wall Street was lower in midday trade on light action due to the Columbus Day holiday. The Dow Jones Industrial Average dropped 0.4 percent to 14,015.77, while the Nasdaq Composite was down 0.3 percent to 2,772.26 and the S&P 500 fell 0.5 percent to 1,549.37 ahead of third-quarter results reporting, which begins Tuesday.

Asia-Pacific region equities markets were mixed on Monday. Among loser on the day was the Straits Times index, which was lower but only by 0.06 percent to 3,820.31. Also seeing declines was Hong Kong’s Hang Seng index, which fell 0.22 percent to 27,770.29. India’s Sensex dropped 1.59 percent to 17,491.39.

In Australia, the S&P/ASX200 was 0.74 percent higher to 6,654.3 while the Sydney Ordinaries added 0.75 percent to 6,667.2. South Korea’s Kospi index was up 0.84 percent to 2,012.82. The Taiex index gained 1.04 percent to 8,717.17 in Taiwan, while the Shanghai Composite jumped 2.53 percent to 5,692.76. The Philippine Stock Exchange hit a new record high, adding 2.6 percent to 3,873.5. Tokyo exchanges were closed to celebrate Health-Sports Day.

Markets were lower in Europe on the session. The FTSE Eurofirst 300 was 0.3 percent lower to 1,580.11. In Paris, the CAC-40 dropped 0.24 percent to 5,829.4, while the Dax was down 0.35 percent to 7,974.37. Madrid’s IBEX fell 0.56 percent to 14,809. London’s markets were down as well. The FTSE 100 was 0.83 percent lower to 6,540.9 while the FTSE 250 was 0.54 percent lower to 11,328.7.

Crude oil prices were significantly lower and metals prices also fell. Prices for gains were lower as well.

The US dollar was stronger in comments from the International Monetary Fund, while sterling gained ground versus the euro.

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