Demand for US debt drying up...
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Wall Street extends losses on bond auction woe
On Thursday May 7, 2009, 1:57 pm EDT
NEW YORK (Reuters) - Stocks extended losses on Thursday, pulling the Nasdaq down almost 3 percent, after a government bond auction drew a poor response and investors worried the rising costs of capital could hamper the economy's recovery.
All indexes were at session lows, with financials, technology and materials sectors among the top drags.
The Dow Jones industrial average (DJI:^DJI - News) was down 118.75 points, or 1.40 percent, at 8,393.53. The Standard & Poor's 500 Index (^SPX - News) was down 13.83 points, or 1.50 percent, at 905.70. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was down 47.81 points, or 2.72 percent, at 1,711.29. |
