Dow slids as Berlusconi might win the election

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Source: Dukascopy Bank SA
U.S. blue chips were red on Monday amid speculation Berlusconi's victory in the Italian parliamentary election would favour political instability in Italy and worsening debt crisis in Europe. The Dow Jones Industrial Average plunged 1.6% to 13,784.17 at its close. All sectors in the gauge paired losses and only two companies among all blue chips posted positive results. McDonald's Corp. jumped 0.9% to $96.14, the biggest rally in Dow, to cap losses in consumer services shares that were 0.5% lower, while Verizon Communications Inc. followed with a 0.7% surge to close at $45.72 and support telecommunications that erased 0.2%. On the downside, Bank of America Corp. with a 4% decline after the bank announced that it hired Olivier Thiriet, who is to replace Peter MacDonald, to head Hong Kong's Asia-Pacific equities. Furthermore, Caterpillar lost 2.6%, adding to losses in industrial shares.
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