US stock indices shed
more than 1 per cent of value Monday, extending losses from last week on
anticipation that commodity and bank earnings will fall below analysts'
expectations, dpa reported.
Alcoa shares dropped 6.9 per cent and Citigroup Inc plunged 17 per cent over
concern about combining its brokerage unit with Morgan Stanleys. ConocoPhillips
fell 2.9 per cent after crude sank below 38 dollars a barrel on expectations
demand will decrease amid the recession.
US President George W Bush asked Congress to sign off on the remaining 350
billion dollars of the finance bailout package after receiving a request to
release the funds from president-elect Barack Obama, who takes office January
20.
The move triggers a 15-day period during which Congress can reject or accept
the request. Obama is frustrated by resistance in Congress against a new
800-billion-dollar stimulus plan that he had hoped would be on his desk the day
he takes office.
Obama could veto a congressional rejection, a move that could end the normal
honeymoon new presidents spend with Congress.
The blue-chip Dow Jones Industrial Average fell 125.21 points, or 1.46 per
cent, to 8,473.97. The broader Standard & Poor's 500 Index shed 20.09
points, or 2.26 per cent, to 870.26. The technology-heavy Nasdaq Composite
Index lost 32.80 points, or 2.09 per cent, to 1,538.79.
The US currency was valued at 74.85 euro cents and 89.46 yen.
...