US markets end lower. An effort to rally in late trade could not be sustained as selling pressure intensified to rapidly send the stock market back to session lows. The Dow plunged 337.93 points, or 3.82%, to 8,497.31. The Nasdaq tumbled 79.85 points, or 5%, to 1,516.85 and the Standard & Poor's 500 index down 38 points, or 4.17%, to 873.29.
Decrease in retail sales and weaker demand for mobile phones capped second straight weekly loss for US markets, which raised concern about the depth of the recession.
Sears Holdings Home Depot and Office Depot sank more than 7.6% as retailer sales declined 2.8% last month. Qualcomm, the biggest maker of mobile phone chips, slid 5.4% and Motorola dropped 11% after Nokia OYJ predicted global shipments will shrink next year. The S&P 500 index erased about two-thirds of yesterday's 6.9% rally and extended its weekly loss to 6.2%.
Sears Holdings Home Depot and Office Depot sank more than 7.6% as retailer sales declined 2.8% last month. Qualcomm, the biggest maker of mobile phone chips, slid 5.4% and Motorola dropped 11% after Nokia OYJ predicted global shipments will shrink next year. The S&P 500 index erased about two-thirds of yesterday's 6.9% rally and extended its weekly loss to 6.2%.
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