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REPORT ABUSIVE REPLY
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World Market Overview 11/03/2011
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Poster Handle
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newsseeker |
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Post Content
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Blue-chip stocks suffered their biggest intraday drop since October as reports of Saudi police firing on protesters added a new worry to a day of broader economic concerns. The blue-chip index slipped under 12000 and was down 204 points, or 1.7%, to 12009 recently as the Associated Press reported that Saudi Arabian police fired on protesters in the country's east. [ link to hken.ibtimes.com] The price of oil regained much of its early loss. No further details were available, but markets' swift reaction was a sign of how sensitive investors remain to indications of unrest in the oil-rich nation. Caterpillar led the Dow lower, falling 3.5%, and energy stocks were also weak as Exxon Mobil and Chevron each fell more than 3%. All of the Dow's components were in the red except for McDonald's, up 1.5%, and Wal-Mart Stores, up 0.4%. The Dow hasn't staged this big of an intraday drop since Oct. 19. The Standard & Poor's 500 stock index retreated 23 points, or 1.7%, to 1297 as its energy and financial components slumped.
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