US financial stocks took a hit Monday, as the Standard &
Poor’s 500 Index fell, despite DaimlerChrysler’s announcement that it would
sell its unprofitable US
division.
Semiconductor stocks also dropped after analysts suggested
that computer maker Dell Inc was too dependent on the North American market.
Citigroup, world’s largest bank, and Merrill Lynch & Co
also stocks also took a plunge in the S&P 500, after a J P Morgan report
suggested that, unless US
interest rates fall, the financial market will stagnate.
However, General Motors the blue-chip Dow Jones Industrial
Average, after its shares thrived on the Cerberus Capital Managements’ deal to
by an 80.1 percent stake in Chrysler.
The Dow industrials gained 20.56 points, or 0.2 percent, to
13,346.78. The S&P 500 lost 2.70, or 0.2 percent, to 1,503.15. The
technology-heavy Nasdaq slid 15.78, or 0.6 percent, to 2,546.44.
The US dollar fell to 73.85 euro cents in New York from 73.92 on Friday, and rose to
120.40 Japanese yen from 120.16.
Gold rose 1.20 dollars to 670.20 dollars per fine ounce.
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