Saturday, August 20, 2011

US stock markets wind up a losing month

A woman walks past a Wall Street building in New York (stock photo)

Source: Press TV

US stock markets have ended on their fourth straight weekly loss amid growing concerns that America is looking at a double-dip recession.

On Friday, Wall Street's Dow Jones Industrial Average fell 1.57 percent, the NASDAQ sunk 1.62 percent and the S&P 500 dropped 1.50 percent, AFP reported.

For the week, the Dow Jones ended down at 4 percent, the tech-heavy NASDAQ lost 6.6 percent and the S&P 500, a bellwether for the American economy, dropped 4.7 percent.

US markets have not seen greater losses over a four-week period since March 2009.

Most traders left the market before the weekend on growing fears of another US recession and a destabilization of Europe's financial system.

Closing on Friday, London's FTSE fell by 1.01 percent, Frankfurt's DAX slid 2.19 percent and Paris's CAC slumped by 1.92 percent, adding to the losses from Thursday.

European markets dropped to near two-year lows amid concerns about the continent's debt crisis - Greece, Ireland and Portugal have already received bailout packages from the European Union.

Asian markets also took steep dives with Tokyo falling 2.51 percent, Sydney shedding 3.51 percent and Seoul losing 6.22 percent.

Signs that the global economy is slowing have made investors pessimistic about the future.

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