Translation from English

Monday, February 3, 2014

BBC Looks at Wall Street Report


Wall Street Market Report



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Dow Jones Industrial Average

Last Updated at 03 Feb 2014, 16:03 ET *Chart shows local time Dow Jones intraday chart
value change %
15372.80 -
-326.05
-
-2.08

Top winner and loser

Pfizer Inc.

30.60 +
+0.20
+
+0.66

AT&T Inc.

31.95 -
-1.37
-
-4.11
value change %

Nasdaq Index

3996.96 -
-106.92
-
-2.61

S&P 500 Cash Index - Chicago Mercantile Exchange

1741.89 -
-40.70
-
-2.28
(Close): US shares fell sharply, with investors unnerved by weak US factory data and continuing worries about slower growth in emerging economies.

The Dow Jones and S&P 500 indexes both ended more than 2%, while the tech-rich Nasdaq fell 2.6%.

A report showed that US manufacturing barely grew last month, while signs of weakness in China's manufacturing added to worries about developing economies.

Many analysts have predicted that fast-rising markets are due a correction.

"This is the beginning of the correction that we have been waiting for," said Peter Cardillo, chief market economist at Rockwell Global Capital.

Scott Wren, senior equity strategist, said a correction was inevitable after the way investors drove up prices during 2013.

"We're in a modest-growth, modest-inflation environment," he said. "People got carried away with a perceived acceleration of the economy."

After a lacklustre start to trading on Monday, the Dow Jones finished down 326 points at 15,372.8.
The broader-based S&P 500 fell 40.70 to 1,741.89 points, and the Nasdaq ended down 106.92 points at 3,996.96.

General Motors fell 2.3% after January US vehicle sales tumbled 12%, while Ford declined 2.7% after its January sales dropped 7%.

Telecommunications stocks also sank, with AT&T down 4.1%. and Verizon 3.4% lower.


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