Wednesday, August 25, 2010

US Market

US Market: US stocks slumped to one-month lows after the yen hit a 15-yr high and a dismal housing data added to fears the global economic recovery may stall. The DJIA lost 134 pts to 10,040 while the broader S&P 500 shed 15 pts or 1.5% to 1,052, both extending a fourth session in the red. The tech-rich Nasdaq composite slipped 36 pts or 1.7% to 2,124.

Pessimism about global growth has grown infectious after ugly US job & consumer numbers last week. The bearish tone deepened after the US housing report showed July sales of existing homes plummet a record 27.2% vs forecast of 12% fall in the absence of govt tax credits. New government data on unemployment & GDP later this week are widely expected to further point to a downward economic trend.

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