Bruised Wall Street sees more losses as global markets reel

Susantha Ratnayake, Chairman, BOI formally presents the Certificate of Registration to Indra Silva, Chairman, Indra Hotels and Resorts Kandy (Pvt) Ltd

NEW YORK, July 27, 2007 (AFP) – The bruised US stock market slid further Friday as investors retrenched amid fears of a housing slump and a potential credit crunch that led to a massive rout a day earlier.

The Dow Jones Industrial Average tumbled 208.10 points (1.54 percent) to close at 13,265.47, a day after a stomach-churning 300-plus point decline for the blue-chip index.

Trading was extremely volatile, with the Dow sinking more than 100 points in the final 20 minutes.

The tech-heavy Nasdaq composite dropped 37.10 points (1.43 percent) to 2,562.24 while the broad-market Standard & Poor’s 500 index lost 23.71 points (1.60 percent) to 1,458.95.
Global markets were also reeling. In London, the FTSE 100 index of leading shares slid 0.58 percent after a 3.15 percent tumble Thursday.

Frankfurt’s DAX index shed 0.76 percent while the Paris CAC 40 was down by 0.55 percent. Both had lost more than 2.0 percent on Thursday.

Wall Street was still licking its wounds from Thursday’s massacre amid concerns over rising borrowing costs, and investors also mulled a report showing the economy grew at a better-than-expected 3.4 percent rate in the second quarter.

But analysts said the figure