Tuesday, January 13, 2009

US major move off and close firmly negative, Asian market trading in red.

Alcoa (AA) helped to lead the markets lower after Deutsche Bank downgraded its rating on the aluminum producer ahead of the release of its quarterly and full-year financial results after the close of trading.Deutsche Bank said Alcoa's net debt position of about $9 billion and near-term negative free cash flow makes a rebound unlikely in the near future.
The major averages moved well off their lows going into the close, although they remained firmly negative. The Dow closed down 125.13 points or 1.5 percent at 8,474.05, the Nasdaq closed down 32.80 points or 2.1 percent at 1,538.79 and the S&P 500 closed down 20.09 points or 2.3 percent at 870.26.


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