Wall Street plunges on credit woes, economic data

    NEW YORK, Aug. 3 (Xinhua) -- Wall Street plunged Friday with the Dow Jones average dropping more than 280 points on credit woes.

    Shares of Bear Stearns fell 5.9 percent after Standard & Poor lowered the credit outlook on the investment company to negative from stable due to its exposure to the subprime market.

    Meanwhile, Sam Molinaro, Bear Stearns chief financial officer, said turmoil in the credit market was the worst he'd seen in 22 years.

    The Labor Department said Friday that nonfarm payrolls rose 92,000 last month, less than the 132,000 jobs created in June and below the average forecast of about 135,000.

    Unemployment was up to 4.6 percent, a six-month high, from 4.5 percent in June.

    The Tempe, Arizona-based Institute for Supply Management, an organization of corporate purchasing executives, said that its index of business activity in the non-manufacturing sector registered 55.8 in July, down from 60.7 in June.

    The Dow Jones average fell 284.84, or 2.12 percent, to 13,178.49. The Standard & Poor's 500 index dropped 39.39, or 2.68 percent, to 1,432.81, and the Nasdaq composite index fell 64.73, or 2.51 percent, to 2,511.25.

Wall Street rebounds on positive pending home sales

The Dow Jones news ticker at Times Square is seen in New York on 31 July 2007. Media tycoon Rupert Murdoch won his battle for Dow Jones Co. and its prized The Wall Street Journal, the companies said Wednesday, a 5.6-billion-U.S. dollar deal that redraws the U.S. media landscape. (AFP Photo)
Photo Gallery>>>

    NEW YORK, Aug.1 (Xinhua) -- Wall Street rebounded Wednesday after Tuesday's plunge on concerns about U.S. home loans and the credit market.

    The Dow Jones average rose 150.38, or 1.14 percent, to 13,362.37. The Standard & Poor's 500 index rose 10.54, or 0.72 percent, to 1,465.81, and the Nasdaq composite index rose 7.60, or 0.30 percent, to 2,553.87.

Wall Street nosedives, Asian markets follow suit

 BEIJING, July 27 (Xinhuanet) -- Wall Street took one of it's biggest nosedives of the year Friday and Asian took a tumble also with Japanese stocks taking a hit on the yen's strength and misgivings about weekend elections.

A trader scratches his head in the New York Stock Exchange in New York, the United States, July 26, 2007. U.S. stocks fell sharply Thursday amid concern over cooling housing market and subprime loan crisis, with the Dow falling more than 300 points. (Xinhua Photo/Hou Jun)
Photo Gallery>>>

    Markets in Hong Kong, Australia, Taiwan, Singapore, Malaysia and the Philippines also fell sharply as international investors bailed out of riskier assets, including Asian emerging markets.