US blue chips plunged; DuPont led losses on weak profits

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Source: Dukascopy Bank SA
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US blue chips closed with big losses on Tuesday amid weak quarterly reports and fears that earnings will continue to shrink. Sending the US blue chips lower, Moody's downgraded five regions of Spain. Moreover, cautiousness among investors rose ahead of the FOMC meeting and ECB president's speech due on Wednesday. The Dow Jones Industrial Average Index plunged 1.82% to close at 13,102.53. All sectors included in the index dropped. Basic materials plunged by 8.21%. El du Pont de Nemours fell 9.06% after reporting disappointing profits and announcing 1,500 layoffs as a part of the aggressive cost-costing program. Alcoa sank by 3.52%. Oil and gas sector as well as industrials also slumped. Chevron and Exxon Mobil lost 2.98% and 2.18% while 3M and Caterpillar slumped 4.11% and 1.76%. 3M lowered its full-year profit target amid global financial instability. Lenders also moved lower. Bank of America and American Express shed 1.99% and 2.40%.
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