U.S. markets stumble

March 19, 2009 at 4:15 PM
share with facebook
share with twitter

NEW YORK, March 19 (UPI) -- U.S. stock indexes sank lower Thursday as crude oil prices rose and investors worried about a new inflationary trend setting into place.

Crude oil prices have risen for about a month and jumped recently after the Federal Reserve said it would spend more than $1 trillion on U.S. Treasuries and mortgage-backed securities. The move put pressure on the dollar, which accelerated crude oil's gain.

By close, the Dow Jones industrial average was down 85.78 points, or 1.15 percent, to 7,400.80. The Standard & Poor's 500 fell 1.3 percent, 10.31 points, to 784.04. The Nasdaq composite index lost 7.74 points, 0.52 percent, to 1,483.48.

On the New York Stock Exchange, 1,525 stocks advanced and 1,557 declined on a volume of 9.6 billion shares traded.

The benchmark 10-year U.S. Treasury bond fell 16/32 to yield 2.602 percent.

The euro rose to $1.3665, compared to Wednesday's $1.3491. Against the Japanese yen, the dollar fell to 94.49 yen, compared to Wednesday's 96.19 yen.

In Tokyo, the Nikkei average fell 0.33 percent, 26.21 points to 7,945.96.

In London, the FTSE 100 index rose 0.31 percent, 11.94 points, to 3,816.93.

Related UPI Stories
Trending Stories