U.S. markets stumble

Dec. 4, 2008 at 4:48 PM
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NEW YORK, Dec. 4 (UPI) -- U.S. stock indexes stumbled Thursday in a week dominated by employment and automotive news.

Corporations are still cutting back. AT&T said Thursday it would eliminate 12,000 jobs. DuPont Co., Viacom Inc. and Credit Suisse Group also announced layoffs.

Ford Motor Co. shares fell 7.02 percent as automaker executives pleaded their case for federal bailout funds in Washington. General Motors Corp. shares rose, however, up 1.95 percent.

By close, the Dow Jones industrial average fell 2.51 percent, 215.45 points, to 8,376.24. The Standard and Poor's 500 fell 2.93 percent, 25.52 points, to 845.22. The Nasdaq composite index lost 46.82 points to 1,445.22, off 3.14 percent.

On the New York Stock Exchange, 814 stocks advanced and 2,302 declined on a volume of 7.3 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 29/32 to yield 2.558 percent.

The dollar fell against the euro, trading at $1.2771, compared to $1.2712 Wednesday. Against the Japanese yen, the dollar fell to 92.20 yen, from Wednesday's 93.41 yen.

In Tokyo, the Nikkei average lost 79.86 points, 1 percent, to 7,924.24.

In London, the FTSE 100 index fell 0.15 percent, down 6.35 points, to 4,163.61.

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