US stocks continue drop; S& P lowest since 2005
Dropping oil prices and waning investor confidence over the government's plan to save Fannie Mae and Freddie Mac mortgage firms brought the US Standard & Poor's 500 Index to its lowest level since 2005 Tuesday, despite a pitch by US President Goerge W Bush to calm market jitters, dpa reported.
The NASDAQ high tech index was up slightly, but the Dow Jones also declined.
Exxon Mobil Corp slid the most since March as crude fell more than 6 dollars a barrel amidst growing concern a slower economy will reduce demand.
Federal Reserve chairman Ben Bernanke added to investor worries with his presentation of a a glum economic outlook to Congress that was several shades darker than his remarks in June.
The blue-chip Dow Jones Industrial Average fell 92.65 points, or 0.84 per cent, to 10,962.54. The broader Standard & Poor's 500 Index fell 13.39 points, or 1.09 per cent, to 1,214.91. The technology- heavy Nasdaq Composite Index rose 2.84 points, or 0.13 per cent, to 2,215.71.
The dollar rose to 62.90 euro cents from 62.87 euro cents on Monday, and fell to 104.77 Japanese yen from 106.17 yen on Monday.
Gold increased 5 dollars to 978 dollars per fine ounce.