New Laws of Commercial Registration and Trade Names take effect on Thursday    Civil Defense warns of heavy rains across Saudi Arabia until Monday    Saudi Exchange suspends trading of seven companies over financial disclosure delays    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    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 23 - 04 - 2009

Stocks fell sharply in the last half-hour of trading Wednesday, ending a volatile session mixed. Markets have been volatile this week following a six-week advance that sent the Standard & Poor's 500 stocks 29 percent higher after they fell to 12-year lows.
Stocks rallied late Tuesday after U.S. Treasury Secretary Timothy Geithner defended his department's Troubled Asset Relief Program (TARP) and other efforts to stabilize the financial system. Speaking Wednesday, Geithner noted the need for global cooperation amid the unprecedented economic crisis. His comments came ahead of a meeting of world finance ministers later this week.
Light sweet crude oil for June delivery rose 30 cents to $48.85 a barrel on the New York Mercantile Exchange. Growing U.S. petroleum supplies had caused oil prices to fall earlier in the session. The U.S. dollar fell versus the euro and the yen.
Morgan Stanley reported weaker quarterly sales and profits that missed estimates, and it cut its dividend 81 percent. Its shares fell 9 percent. Morgan Stanley was the first of the big banks to miss forecasts, after Citigroup, J.P. Morgan Chase, and Goldman Sachs all reported better-than-expected profits.
The Dow Jones industrial average fell 82.99, or 1 percent, to 7,888.57. McDonald's reported lower quarterly profit that beat estimates, and shares of the fast-food giant fell 2.5 percent. General Motors (GM) said it will reduce debt through a debt-for-stock offering, and its shares were little changed, erasing earlier losses.
AT&T reported a smaller-than-expected decline in quarterly profit that beat estimates, and shares of the telecommunications firm rose 2 percent. Boeing Company reported lower quarterly profit that beat estimates, and shares of the aerospace giant fell 2.5 percent. Caterpillar shares gained more than 3 percent after a brokerage lifted its rating on the heavy equipment maker's stock.
The broader S&P 500 index fell 6.53, or 0.8 percent, to 843.55. The technology-heavy Nasdaq composite index rose 2.27, or 0.1 percent, to 1,646.12. Yahoo reported lower quarterly sales and profits that beat estimates, and the internet company announced it would cut 5 percent of its workforce, sending its shares up 10 percent. Other big technology shares also rallied, including Applied Materials, Intel, and eBay.
The New York Stock Exchange composite index fell 48.98 to 5,290.61. The American Stock Exchange composite index fell 14.55 to 1,361.64. And the Russell 2000 index rose 0.65 to 470.71.


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