Saudi Arabia elected chair of Asia region of World Meteorological Organization    Riyadh Pavilion opens at Buenos Aires Book Fair 2025    Saudi Crown Prince meets Jordan's King Abdullah in Jeddah    Riyadh Sports Boulevard attracted nearly 1 million visitors since opening of first phase    Peace remains the strategic choice for Middle East: Al-Khereiji    Saudi Arabia condemns terrorist attack in Jammu and Kashmir    Top US officials pull out of Russia-Ukraine ceasefire talks in London    Saudi Media Regulation Authority to take legal action against unregistered media practitioners    Musk to reduce Doge role after Tesla profits plunge    KAMC Makkah implements first remote cochlear implant adjustment technology in Middle East, Africa    Trump says he has 'no intention of firing' Fed boss    IMF lowers its growth forecast for Saudi economy to 3% in 2025    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Wall Street Closing
Published in Saudi Press Agency on 22 - 02 - 2008

Stocks fell significantly Thursday after a weak regional U.S. manufacturing report intensified worries that the economy is heading toward a recession, if it is not already in one.
The Philadelphia Fed index, a regional reading on manufacturing, fell to negative 24.0 from negative 20.9 in January, surprising economists who were looking for manufacturing to improve somewhat. Negative readings suggest contraction in the sector.
In other economic news, the January index of leading economic indicators fell 0.1 percent as expected. It fell for the fourth consecutive month. Weekly jobless claims declined last week, the Labor Department said, but the four-week moving average, seen as a more accurate indicator of the labor market, rose to levels not seen since October 2005 in the aftermath of Hurricane Katrina.
Light sweet crude for April delivery fell $1.47 to $98.23 a barrel on the New York Mercantile Exchange, retreating despite a weaker-than-expected weekly oil inventory report. The March crude futures contract settled at a record high of $100.74 a barrel on Wednesday.
The Philadelphia Fed report erased early stock gains led by the technology sector, which was reacting to an upgrade in Cisco stock and a positive profit forecast from BlackBerry-maker Research in Motion (RIM).
The Dow Jones industrial average fell 142.96, or 1.15 percent, to 12,284.30. Twenty-six of the index's 30 components fell, led by General Motors, DuPont, Merck, and J.P. Morgan. Microsoft was little changed after the company said it will share more information about its products and technology so that developers can more easily create compatible software.
The broader Standard & Poor's 500 index fell 17.50, or 1.3 percent, to 1,342.53. The technology-heavy Nasdaq composite index, or 1.2 percent, to 2,299.78. Cisco gained after Citigroup upgraded its shares, saying that it offers good value for long-term investors. BlackBerry-maker RIM gained 9 percent after the company reaffirmed its fourth-quarter profit information and increased its subscription outlook.
The New York Stock Exchange composite index fell 96.23 to 8,977.73. The American Stock Exchange composite index fell 6.17 to 2,258.19. And the Russell 2000 index fell 13.74 to 696.28.


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