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US stocks plunge on Dubai"s debt woes
Published in Saudi Press Agency on 27 - 11 - 2009


US stocks slumped during a shortened trading day
Friday amid a debt crisis in Dubai that sparked similar sell-offs in
other world markets, according to dpa.
Bank of America warned that the troubles of state-owned business
conglomerate Dubai World could spark a wider debt crisis in the city-
state, which in turn could have serious repercussions for developing
countries that rely on capital inflows from Dubai.
Dubai"s government is backing a restructuring of Dubai World,
which on Wednesday night said it asked for a debt moratorium that
would protect it from creditors until May.
There is a risk that Dubai"s debt crisis could "escalate into a
major sovereign default problem, which would then resonate across
global emerging markets in the same way that Argentina did in the
early 2000s or Russia in the late 1990s," Bank of America wrote in a
report, cited by Bloomberg News.
In the United States, there were also jitters as shoppers flocked
to stores around the country on the first day of the holiday shopping
season.
"Black Friday," the day after the Thanksgiving holiday, usually
marks the day when retailers move from the red into the black. But
retailers are especially anxious this year as consumers look to save
money with the US recovering from a deep recession.
The blue-chip Dow Jones Industrial Average plunged 154.48 points,
or 1.48 per cent, to 10,309.92. The broader Standard and Poor"s 500
Index slumped 19.14 points, or 1.72 per cent, to 1,091.49. The
technology-heavy Nasdaq Composite Index tumbled 37.61 points, or 1.73
per cent, to 2,138.44.
Friday"s losses pushed US stocks into the red for the shortened
trading week. The New York Stock Exchange was closed Thursday for the
Thanksgiving holiday and was shut down three hours early on Friday.
The Dow was down 0.22 per cent for the week, the S&P 500 lost 0.31
per cent and the Nasdaq fell 0.85 per cent.
The US currency climbed against the euro to 66.86 euro cents from
66.06 euro cents on Wednesday. The dollar climbed against the
Japanese currency to 86.77 yen from 87.34 yen on Wednesday.


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