Nasdaq takes heavy losses

Trading on the Nasdaq and Dow Jones was extremely subdued yesterday (October 19th) with the markets taking heavy losses by the end of the day.

A fall of two per cent was seen on the Nasdaq Composite index, while the Dow Jones Industrial Average fell by 72.4 points (0.63 per cent) and the S&P 500 was down 15.5 points (1.3 per cent).

Disappointing data from the Federal Reserve regarding consumer price rises and a gloomy outlook for the US economy weighed heavy on the markets, although positive figures did emerge regarding a 15 per cent rise in housing starts.

Weaker than expected earnings from IT giant Apple also failed to wow investors, resulting in the company's shares dipping by more than five per cent, which further exacerbated the situation.

Meanwhile, Business Week revealed UK stocks have fared considerably better this week, with the FTSE 100 gaining 0.6 per cent in early trading yesterday.

The market responded positively to reports of possible further cash injections for the eurozone bailout fund by France and Germany.

Posted by Andrew Cottrill
 

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