31 Jan 2009

Wall Street down again

1:15 pm on 31 January 2009

Stocks in the United States slid further on Friday after the US economy contracted in the fourth quarter at the fastest pace since 1982.

Banks were down: Citigroup by 9% and Bank of America by 3%.

Procter & Gamble Co fell $US3.72, 6.4%, to $US54.50 on the New York Stock Exchange after its quarterly profit was below expectations. Kraft Foods Inc slid 4.2% to $US28.05.

The Dow Jones industrial average fell 148.15 points, or 1.82%, to 8,000.86.

Standard & Poor's 500 Index slid 19.26 points, or 2.28%, to 825.88. The Nasdaq Composite Index fell 31.42 points, or 2.08%, to 1,476.42.

Volume was active on the NYSE, where about 1.51 billion shares changed hands. About 2.14 billion shares were traded on the Nasdaq.