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Wall Street Closing
Published in Saudi Press Agency on 08 - 08 - 2008

Stocks fell significantly Thursday as investors considered reports showing higher U.S. consumer borrowing costs, weaker consumer spending, and more financial-sector problems.
In economic news, U.S. consumer spending has been hit by the current slowdown, the spike in fuel and food costs, and a tighter labor market. The government reported that the number of Americans filing new claims for jobless benefits last week rose by 7,000 to 455,000, a six-year high.
A report released in the late afternoon showed that U.S. consumer borrowing costs increased in June at the fastest pace in seven months. The report caused the stock sell-off to accelerate.
Light sweet crude oil for September delivery rose $1.44 to $120.02 a barrel on the New York Mercantile Exchange after ending the previous session at a three-month low. The U.S. dollar gained versus the euro and fell versus the yen.
The Dow Jones industrial average fell 224.64, or 1.9 percent, to 11,431.43. Insurer AIG posted a worse-than-expected quarterly loss of $5.36 billion, and its shares fell 16 percent, dragging down most financial stocks.
Citigroup agreed to buy back over $7 billion in auction-rate securities after New York state authorities said the company misled investors. Citi shares lost 6 percent. Wal-Mart reported July sales rose 3 percent, short of expectations that sales would grow 3.4 percent. Shares of the world's largest retailer fell 5 percent.
The broader Standard & Poor's 500 index fell 23.12, or 1.8 percent, to 1,266.07. The technology-heavy Nasdaq composite index fell 22.64, or 0.95 percent, to 2,355.73.
The New York Stock Exchange composite index fell 163.04 to 8,338.40. The American Stock Exchange composite index fell 37.15 to 2,100.60. And the Russell 2000 index fell 12.49 to 713.41.


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