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U.S. stocks close lower, Dow drops 121 points
Dubai News.Net
Friday 9th May, 2008
All the major indices lost ground Friday in a dismal end to the week.
The U.S. dollar was also sharply lower, while the price of oil soared above $126 a barrel.
Blue chips fared poorly. The Dow Jones Industrials fell 120.90 points or 0.94% to 12,745.88.
The Standard and Poor's 500 slid 9.40 points or 0.67% to 1,388.28, while the Nasdaq Composite lost a more modest 5.72 points or 0.23% to 2,445.52.
On currency markets the dollar matched stocks with a dismal performance. By the New York Close the Japanese yen had strengthened to 102.96.
The Swiss franc rose to 1.0409, and the euro to 1.5479. The British pound fell a touch to 1.9522.
The Australian dollar traded little changed at .9428, while the Canadian dollar rose to 1.0054.
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