Tuesday, January 6, 2009

Wall Street declines; Dow down 81 points & Asian markets trading firm; Nikkei up 1%

US markets fell for the first time following some dismal reports on the telecom and financial sectors.

Deutshce Bank slashed forecast for JP Morgan and 15 other commercial banks while telecom stocks like Verizon and AT&T fell after Sanford C Bernstein and company said recession will hurt growth in wireless subsription.

Meanwhile US auto sales plunged 36 percent in December, dragging the industry's annual volume to a 16-year low. However, General Motors and Ford rallied as the sales was less than estimated decline.

The Dow plunged 81.80 points, or 0.91%, to 8,952.89. The S&P 500 index declined 4.35 points, or 0.47%, to 927.45, and the Nasdaq composite index fell 4.18 points, or 0.26%, to 1,628.03.


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