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Friday, November 27, 2009
U.S. Stocks End Sharply Down On Dubai Woes
By Nick Godt
MarketWatch Pulse
NEW YORK -- U.S. stocks finished steeply lower, but well off earlier lows in Friday's holiday-shortened trading session, with financial shares leading the decline as a possible debt default in Dubai fueled worries in global markets. The Dow Jones Industrial Average finished with a loss of 154.48 points, or 1.5%, at 10,309.93. It earlier fell by more than 230 points to a low of 10,231. The slide had began in Europe Thursday and took a big toll in Asian markets, as Japan's Nikkei lost 3.2% and Hong Kong's Hang Seng index tumbled 4.8%. In the U.S., the S&P 500 index fell 1.7%. The financial sector of the S&P took the brunt of the losses, losing 2.7%. Also hit were the energy and materials sectors, off 2.5% and 2.4% respectively. Crude oil prices tumbled more than 4%, but were also off earlier lows in recent action. The Nasdaq Composite ended down 37.61 points, or 1.7%, at 2,138.44. For the week, the Dow fell 0.1%, the S&P 500 fell 0.01% and the Nasdaq dropped 0.4%.
Copyright © 2009 MarketWatch, Inc.
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