Share this article

print logo

STOCKS DROP IN LATE TRADING

Stocks recovered partly from an early plunge today, as steep declines in overseas markets failed to ignite another selloff on Wall Street.

At 3 p.m. the Dow Jones Industrial Average was down 56.97 at 7,449.70, reversing much of its 99.70-point drop in early trading. Broad indexes also fell.

It's been a bumpy ride down Wall Street this week and investors braced for more turbulence today after a selloff overnight in Asian and European markets.

The Dow dropped 554 points Monday, its worst point drop ever, and then rebounded Tuesday, with a 337-point gain, its biggest one-day rise in history. On Wednesday, the Dow climbed a mere 8.35 points, as the market took a breather from its recent wild gyrations.

U.S. stocks plunged initially today, reacting to the selloff in global markets. Hong Kong stocks fell 3.7 percent, Tokyo stocks dropped 2.92 percent and the London market fell 1.4 percent.

Also weighing on today's market were concerns over the stability of Latin American markets, namely in Brazil, where rumors have surfaced about the failing health of local banks.

That hurt U.S. bank stocks that have investments in Brazil. Chase was down 2 5/8 at 117 5/8 and Citicorp was down 1 5/8 at 127 3/4 .

Declining issues outnumbered advancers by a 2-to-1 margin on the New York Stock Exchange, where volume came to 576.62 million shares, down from 651.01 million at the same point Wednesday.

The Nasdaq composite index was down 23.12 at 1,579.63.

There are no comments - be the first to comment