US blue chips slumped; Alcoa and Chevron led losses

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Source: Dukascopy Bank SA
© Scanpix/AFP
The Dow Jones Industrial Average Index plunged 0.95% to close at 13,344.97 on Wednesday. US blue chips came under continuous pressure after the UMF cut its global growth forecast. Pushing the Dow Jones index lower, companies within the index are expected to report weaker than expected results as global economic problems hit sales. Only two in nine sectors included in the index managed to post mild gains. The best performers were lenders, with JPMorgan Chase adding 0.94%. Meanwhile, the top-performer was Wal-Mart Stores, climbing 1.73% on news that the company plans to increase the number of small-scale stores. Dragging the US blue chips lower, oil and gas firms as well as basic materials slumped 2.87% and 1.36%. Chevron lost 4.18% after reporting that weak oil prices coupled with lower output are likely to result in poor earnings in Q3. Moreover, on Tuesday, the Supreme Court decided not to block a USD19 billion claim of Ecuador's court against Chevron. The top-loser was Alcoa after cutting its global aluminum demand estimate.
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Thu, 11 Oct 2012 07:27:06 GMT

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