US stocks plunged again on Thursday

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Source: Dukascopy Bank SA
© Scanpix/AP
US shares prolonged their slump on Thursday as fears over the US fiscal cliff continued to create a heavy pressure on riskier assets. Moreover, Chinese Communist Party Congress as well as concerns over the eurozone's economic instability added to losses of the equities. However, the downswing was limited by positive domestic data. US jobless claims dropped more than expected last week. A separate report showed that national trade deficit unexpectedly narrowed in September. The S&P 500 Index sank 1.22% to close at 1,377.51. All sectors within the index witnessed  sharp declines. The top-losers were oil and gas as well as technology sectors. Anadarko Petroleum and Diamond Offshore Drilling tumbled 1.09% and 3.56%, while Apple and Corning shed 4.11% and 0.96%. Apple continued to fall on worries about iPhone production. Meanwhile, Priceline.com dropped 1.06% after the company agreed to buy Kayak Software for USD1.8 billion.

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Fri, 09 Nov 2012 13:39:25 GMT

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