NEW YORK: Wall Street shares tumbled Wednesday with investors turning cautious as auto giant General Motors moved towards bankruptcy and the market was gripped by fears about rising US debt.
The blue-chip Dow Jones Industrial Average fell 173.47 points (2.05 per cent) to end at 8,300.02, giving back nearly all of Tuesday’s gains. The tech-rich Nasdaq shed 19.35 points (1.11 per cent) to 1,731.08 and the broad-market Standard & Poor’s 500 index fell 17.27 point (1.90 per cent) to close at 893.06.
Traders said investors entered the market Wednesday cautious after General Motors reported that it had failed to win sufficient support from bondholders for a deal to swap debt for equity, making a bankruptcy filing more likely.
Fears also re-emerged about ballooning US government debt and its impact on borrowing costs amid a prolonged recession, pushing yields for US Treasury bonds higher. The cautious market “makes sense as traders are waiting to see if the market’s wheels start turning and there is a bid to back up Tuesday’s gains with more conviction,” said Briefing.com’s Patrick O’Hare. -- AFP
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
music
Create a playlist at MixPod.com
