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07 June 2023

Wall St tumbles on economic gloom

By Reuters
US stocks tumbled at their opening on Tuesday on concern that the recession is worsening and that efforts to stabilise the stricken global financial system may not be enough.

A report showing that manufacturing production in New York state fell to a record low in February added to worries about the deepening recession among investors already fearful a new US economic stimulus package won't be a quick fix.

The Dow Jones industrial average was down 156.67 points, or 2.00 per cent, at 7,693.74. The Standard and Poor's 500 Index was down 22.05 points, or 2.67 per cent, at 804.79. The Nasdaq Composite Index was down 43.34 points, or 2.82 percent, at 1,491.02.