Dow sagged 2.36% on global economic concerns

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Source: Dukascopy Bank SA
© Scanpix/Reuters
US Blue chips sagged on risk-off Wednesday's trade as investors were cautious after the European Commission downgraded its growth estimate for the eurozone. The market sentiment was also weakened by uncertainty over the US tax increases and spending cuts due to come in force in January. Moreover, market participants focused on the Chinese Communist Party Congress due on Thursday. The Dow Jones Industrial Average Index plunged 2.36% to close at 12,932.73 . All companies included in the index posted sharp losses. The worst-performers were lenders and oil and gas firms. Bank of America and American Express lost 7.14% and 2.83% on concerns that financial sector will face more pressure due to potential regulatory constraints as Barack Obama was elected for the second term. Exxon Mobil and Chevron sank 3.81% and 2.64% on weak crude oil prices.  Meanwhile, Boeing shed 2.65% on news that the company plans to reduce the number of executives at Boeing Defence, Space & Security by the end of the year.


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