Stock Markets: 09/08/2011
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.New York
US stocks extended their losses last night, with the S&P 500 briefly falling more than 5 percent in the first session since Standard & Poor's cut America's top-tier AAA credit rating, with banks among the biggest drags. In noon trade, the Dow fell 380.39 points, or 3.32 per cent, to 11,051.58. The S&P 500 slid 51.74 points, or 4.31 per cent, to 1,147.11.
European Union
European shares touched their lowest level in nearly two years as Standard & Poor's move to downgrade US debt ignited concerns that the world's biggest economy could fall back into recession.
The FTSE Eurofirst 300 index of leading European shares closed 3.97 per cent lower at 936.29 points after hitting 935.83 – a two-year low.
Hong Kong
Hong Kong shares finished lower for a fifth consecutive session, but trimmed losses after dropping more than 4 per cent at one stage, tracking a rally in European shares, which were buoyed by a European Central Bank (ECB) purchase of Italian and Spanish bonds. The Hang Seng Index finished down 2.17 per cent at 20,490.57.
Tokyo
Japan's Nikkei stock average slid more than 2 per cent as weak sentiment over S&P's decision to downgrade the US credit rating was exacerbated by futures selling after Asian markets tumbled. The benchmark Nikkei closed down 2.2 per cent at 9,097.56 after dropping as low as 9,057.29. The broader Topix fell 2.3 per cent to 782.86.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments