OPEC+ reaffirms commitment to production cuts to ensure oil market stability    Saudi Economy Minister meets German Finance Minister in Riyadh    Saudi Sherpa Office holds first G20 workshop in preparation for 2025 summit    Non-oil activities account for 52% of Saudi Arabia's GDP in 2024, says finance minister Saudi-German roundtable in Riyadh explores economic cooperation, and investment opportunities    GACA president inaugurates Air Cargo Security Control Center The center enables real-time remote inspection and monitoring of air cargo across Saudi Arabia    Saudi Arabia, Germany agree to establish Green Hydrogen Bridge    Syrian President Ahmed al-Sharaa departs Riyadh for Makkah to perform Umrah    Syrian President visits Saudi Data and Artificial Intelligence Authority    Trump takes aim at EU and UK in latest tariff threat    Spain's former football boss on trial over World Cup kiss    Thousands protest against German far-right in Berlin    Taiwanese star Barbie Hsu of Meteor Garden fame dies    Major highway partly collapses as Australian floods worsen    Grammy Awards 2025: Beyoncé wins best country album    Imavov knocks out Adesanya in second round as Riyadh Season hosts thrilling UFC night    Museum Authority to open second edition of 'Art of the Kingdom' exhibition in Riyadh    Al Ittihad stages dramatic comeback to defeat Al Kholood 4-3 in thriller    Al Nassr signs Colombian striker Jhon Durán from Aston Villa    Saudi composer Nasser Al-Saleh passes away at 63    Saudi drama icon Mohammed Al-Towayan passes away at 79    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    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 29 - 05 - 2010

Stocks reduced losses late in the session but still finished lower on Friday, ending a terrible month that saw the Dow industrials suffer their worst May in 70 years, after a downgrade of Spain's debt rating reminded investors that Europe's economic problems will continue.
Stocks already were weak before the ratings agency cut Spain's debt by one level. While the cut still leaves the debt in investment-grade territory, it still unnerved investors in a lightly traded session ahead of a holiday weekend. All U.S. markets are closed Monday for Memorial Day.
Friday was the end of a difficult month on Wall Street in which stocks plunged on concerns about the European debt crisis, the weak euro currency, and bets the recent market advance had overtaken actual economic improvement.
The Dow lost 7.9 percent, its worst month since February 2009, and its worst May since 1940. The Standard & Poor's 500 index fell 8.2 percent, its worst month since February 2009 and its worst May since 1962. The Nasdaq declined 8.3 percent, its worst month since February 2009 and its worst May since 1940.
In U.S. economic news, personal income rose 0.4 percent in April, matching March's increase. Personal spending was unexpectedly flat. A second report showed consumer sentiment rose slightly in May from the previous month, but was at the same level seen since February.
The U.S. dollar gained 0.5 percent versus the euro and fell 0.3 percent versus the yen. Light sweet crude oil for July delivery fell $1.08 to $73.3 a barrel on the New York Mercantile Exchange. Gold for August delivery fell $4.40 to $1,210 an ounce.
The Dow Jones industrial average fell 122.36, or 1.2 percent, to 10,136.63. Twenty-seven of the index's 30 components fell, led by Caterpillar, Exxon Mobil, Chevron, 3M, Johnson & Johnson, IBM, and Hewlett-Packard. The broader S&P 500 index fell 13.65, or 1.2 percent, to 1,089.41. The technology-heavy Nasdaq composite index fell 20.64, or 0.9 percent, to 2,257.04.


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