Washington, Aug 5 (IANS) Trading on the US stock market on Monday began with another sell-off over recession fears extending the worldwide slump that started in Japan and spread across India and South Korea in Asia and and Europe.
The Dow Jones Industrial Average was down 1,197, or 3 per cent, at 5 minutes past 9:30 am on the East Coast. The Nasdaq composite dipped 5.5 per cent the S&P 500 was down by 4 per cent in early trading.
These indices had ended 1.5 per cent, 2.4 per cent and 1.8 per cent on Friday, the day of the shocking US job report that hirings in July were way below expectations and with unemployment up to over 4 per cent sparked concerns of a recession.
There are fears that the US Federal Reserve may have delayed a cut in interest rate too long keeping it up at a two-decade high. It is expected to announce cuts anywhere from 0.25 percentage points to 0.75 percentage points after its next meeting, which is due on September 18.
The futures indices were down before the opening of the market indicating the selloffs that started in the US on Friday had travelled around the world and returned to the US for another round.
Monday’s slump started early in Japan with the Nikkei 225 falling more than 12 per cent, the worst one-day drop since Black Monday in 1987.
South Korea’s benchmark Kospi index fell more than 10 per cent at one point.
Stocks were lower in Singapore, Australia, Hong Kong and mainland China. In India, stocks graded 2 per cent lower.
Technology shares were taking a beating specifically and the situation was exacerbated for Apple, for instance, by Warren Buffet’s Berkshire Hathaway offloading all its shares in the company. These selloffs are also triggered by below-expectations of returns announced by technology companies.
–IANS
yrj/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
